China's Tencent buys 5% stake in Tesla for $1.78 billion
Chinese internet major and Asia's second highest valued tech firm Tencent has bought a 5% stake in Tesla for around $1.78 billion to become one of Tesla's largest shareholders. Elon Musk-led automaker Tesla's shares jumped nearly 3% following the news. Tencent's investment portfolio also includes Snapchat and China's largest on-demand taxi service Didi Chuxing.