Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Tencent buys 5% stake in Elon Musk-led Tesla for $1.8 billion
BackBack

Tencent buys 5% stake in Elon Musk-led Tesla for $1.8 billion

Tencent paid about $1.8 billion for 8.17 million shares through Elon Musk-led Tesla's stock offering and through open-market purchases

The acquisition makes Tencent, the owner of the WeChat messaging app, Tesla’s fifth-largest shareholder. Photo: BloombergPremium
The acquisition makes Tencent, the owner of the WeChat messaging app, Tesla’s fifth-largest shareholder. Photo: Bloomberg

New York: Chinese Internet giant Tencent Holdings Ltd purchased a 5% stake in Tesla Inc. as the electric-car maker run by Elon Musk races to bring its critical Model 3 sedan to market later this year.

Shenzhen-based Tencent paid about $1.8 billion for 8.17 million shares through the company’s recent stock offering and through open-market purchases, according to a regulatory filing Tuesday.

The acquisition makes Tencent, the owner of the WeChat messaging app, Tesla’s fifth-largest shareholder, according to data compiled by Bloomberg.

Also Read| Elon Musk launches Neuralink to connect brains to computers: Report

Tesla said earlier this month it would raise as much as $1.4 billion through a stock and debt offering, more than initially sought, as it looked to cushion its balance sheet amid heavy spending to introduce the lower-priced Model 3.

Shares of the Palo Alto, California-based company rose 3% to $278.14 at 7:32 a.m. in New York, before the start of regular trading. Bloomberg

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 28 Mar 2017, 06:00 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App