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