Caixin
Oct 11, 2018 05:21 PM
BUSINESS & TECH

Tencent Tumbles Out of World’s Top 10 Most Valuable Companies

The Tencent logo on a building in Hangzhou, Zhejiang province. Photo: VCG
The Tencent logo on a building in Hangzhou, Zhejiang province. Photo: VCG

Less than two years after becoming one of the world’s 10 most valuable publicly traded companies, social networking giant Tencent Holdings Ltd. has passed a less flattering milestone by crashing out of the same elite club.

Tencent’s departure from the global top 10 came as the company posted a 10th consecutive day of share price declines, including a large drop on Thursday amid a broader market sell-off that saw China’s two main stock markets plunge by around 6%. That sell-off alone has seen Tencent’s shares fall by nearly 20% over that period, wiping out about $80 billion in market value.

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