The $1.8 billion Tencent paid makes it Tesla’s fifth-largest shareholder, according to data from S&P Capital IQ. Tencent acquired the stake through a combination of a stock offering by Tesla and shares purchased on the open market, according to a filing Tuesday. A Tencent spokeswoman called Tesla ”a global pioneer at the forefront of new technologies.” Tencent’s success comes from backing entrepreneurs like Mr. Musk, who combine vision, ambition and execution, the spokesperson said. China made up 15% of Tesla’s $7 billion in revenue last year, compared with about 8% in 2015. Tencent’s investment in Tesla marks the highest-profile foray into the autos sector for the Chinese internet giant.

Source: Wall Street Journal March 28, 2017 11:55 UTC