Tencent Invests USD 1.78 Billion for 5% Stake of Tesla
Tencent became the fifth-largest shareholder of Tesla. According to Tesla’s public filings, Tencent acquired 8,167,544 shares at a total consideration of USD 1.78 billion through open market purchase on March 17. The purchase price is about USD 217 per share as per our calculation, which is lower than the current market price of USD 277.5 and higher than our U.S. analyst’s fair value estimate of USD 197. We believe that this shows Tencent’s ambition in the automobile industry, which has been shi...
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