POST Online Media Lite Edition



 

Tencent takes 5 percent stake in Tesla worth $2.2 billion

Staff Writer |
Tesla said that Chinese tech giant Tencent Holdings has invested $1.78 billion in the electric carmaker for a 5 percent stake.

Article continues below






Tencent, best known for its WeChat mobile app, has been investing in a number of sectors, including gaming, entertainment, cloud computing and online financing.

Tencent now owns more than 8 million shares in Tesla as of March 24, the carmaker said, making the Chinese company one of its biggest shareholders.

Elon Musk-led Tesla has been raising capital as it readies for the launch of its mass-market Model 3 sedan.

The company raised about $1.2 billion by selling common shares and convertible debt earlier this month.

Musk is Tesla's top shareholder, with a stake of about 21 percent as of December 31.


What to read next

Tencent takes 12% stake in Snapchat parent
Tencent fastest growing brand in the world
China's answer to Kindle raises $1.1bn for Hong Kong IPO