Tesla shareholder Tencent backs Elon Musk despite Twitter distractions

A Tesla store in Changzhou, China, April 2022. Known as one of the world’s largest gaming and social media companies, Tencent invested in Tesla in 2017, acquiring a 5% stake in him for around $1.78 billion.

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Tesla Even while CEO Elon Musk is preoccupied with Twitter, technology “continues to blow our minds”, according to the executive who led the investment from the Chinese tech giant. Tencent Entered the electric vehicle manufacturer in the United States.

Known as one of the world’s largest gaming and social media companies, Tencent Invested in Tesla in 2017acquired a 5% stake for approximately $1.78 billion.

David Wallerstein, Chief “eXploration” Officer (CXO) at Tencent, said: CNBC in an interview Thursday.

As CXO, Wallerstein is tasked with investing in Tencent’s emerging technologies.

He said that when Tencent made the investment, “it wasn’t so clear whether they would survive and EVs would actually survive.”

Since then, Tesla has become one of the world’s largest electric car manufacturers. 1.31 million units delivered in 2022.

But last year Musk buys Twitter, a move investors saw as a major distraction for the billionaire at a time when Tesla needed a steady hand. Tesla’s stock has fallen about 62% last year.

Wallerstein said he still has confidence in Tesla despite the distractions.

“It’s true that when leaders are distracted in a lot of companies, it’s hard to focus, and Elon has a lot of projects. I think they’re still doing a great job,” Wallerstein said. says.

He added that there will likely be multiple competitors, but as sales of electric vehicles increase, it’s “really good for the planet.”

“I rely on them [Tesla] It’s about continuing to blow our minds with what they do with technology,” says Wallerstein.

Tencent has made significant investments in various industries, from gaming to e-commerce. However, the company recently sold some of its holdings amid a tightening regulatory environment in China.

But Wallerstein is looking to invest in next-generation areas that can help combat global challenges such as climate change.Tencent invests in companies such as electric cars in China Nio and the German “flying” car company Lilium.

https://ift.tt/mvGpgZq Tesla shareholder Tencent backs Elon Musk despite Twitter distractions

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