The tech giant also bought a 10% stake in Snapchat and 5% stake in Tesla.

China’s biggest tech company isn ow worth more than Facebook.

CNN reports that Tencent is now worth $522 billion, whilst social media giant Facebook is worth just over $519 billion.

Tencent is known for its mobile messenger service WeChat but is also considered a mobile gaming giant and video streamer.

However, Facebook still reigns supreme as the world’s most popular social network with two billion users. Tencent’s WeChat has close to one billion.

Nonetheless, Tencent enjoys its privileged status in China where western social media rivals such as Facebook and Twitter are blocked by government censorship.

The Chinese tech behemoth also has a 10% stake in Snapchat and 5% stake in Tesla. The company even trumps Chinese internet rival Alibaba, which is worth $480 billion.

Tencent is now in one of the world’s five biggest companies but sits behind Silicon Valley tech titans Apple, Alphabet, Microsoft and Amazon, which are worth $870 billion, $710 billion, $641 billion and $543 billion respectively.