Tencent Holdings pulled off a Tesla and suffered a $62b (daaaaamn!) wipe out after shares fell for a second day in a row! Its stock in Hong Kong fell 4.4% last Friday, followed by a further 4% loss this Monday, after Tencent was fined last week for failing to seek prior approval for certain activities.
This was reportedly fuelled by concerns that the Chinese conglomerate (which is also Asia’s most valuable company) will become regulators’ next target of increased supervision. The huge loss decimated most of the value of Tencent’s FinTech business (maybe CEO Pony Ma should call Elon Musk for recovery advice?).