Apumone brings you Ma Huateng Net Worth 2020.
Who is Ma Huateng?
he is a Chinese business mogul, entrepreneur, investor, and philanthropist. his net worth for 2019 was estimated at US$45 billion. He is married to Wang Danting.
Ma Huateng is the Owner, group chairman, and Chief Executive Officer of Asia’s most valuable business“Tencent”.
Tencent is one of the largest internet and technology companies, with investment across gaming, entertainment, payment system, smartphones, advertising services, value-added services, and financial aid.
both in China and globally. Read on as we reveal Ma Huateng net worth 2020.
Ma Huateng Profile
Ma Huateng was born on the 29th day of October in 1971, Chaoyang District of Guangdong city in China.
Huateng’s father “MA Chenshu” was a port manager at Shenzhen.
Ma Huateng is graduated from Shenzhen University student in 1993 with a Bachelor of Science in Computer Science.
Ma Huateng net worth 2020
Ma Huateng’s wealth comes from the 9.7 percent stake in Tencent Holdings. He reported owns property in Hong Kong, ART pieces, and fleets of cars worth US$150 million. Ma has a redeveloped house of 1,820metre square in Hong Kong.
How did Ma Huateng found Tencent?
Along with four other classmates, Ma Huateng went on to co-found Tencent in 1998. The company’s first product came after Ma participated in a presentation for ICQ, the world’s first Internet instant messaging service, founded in 1996 by an Israeli company.
Inspired by the idea, Ma and his team launched in February 1999 a similar software, with a Chinese interface and a slightly different name – OICQ (or, Open ICQ).
The product quickly became popular and garnered more than a million registered users by the end of 1999, making it one of the largest such services in China.
Talking about the founding of Tencent, he told China Daily in a 2009 interview that “If I have seen further, it is by standing on the shoulders of giants,” paraphrasing a quote attributed to Isaac Newton and referencing the similarities between ICQ and OICQ.
“We knew our product had a future, but at that time we just couldn’t afford it,” Ma remembered.
In order to solve the problem, Ma asked for bank loans and even talked about selling the company.
Since Tencent’s prized service OICQ was offered free of charge, the company looked to venture capitalists to finance its growing operational costs.
In 2000, Ma turned to US investment firm IDC and Hong Kong’s telecom carrier Pacific Century CyberWorks (PCCW) who bought 40 percent of Tencent’s shares for US$2.2 million. This contributed to an increased in Ma Huateng net worth 2020.
With the pager market declining, Ma improved the messaging platform by allowing QQ users to send messages to mobile handsets.
Afterward, 80 percent of the company’s revenue came from deals struck with telecom operators who agreed to share message fees.
AOL arbitration and business expansion
After AOL (America Online) bought ICQ in 1998, the company filed an arbitration against Tencent with the National Arbitration Forum in the United States, claiming that OICQ’s domain names OICQ.com and OICQ.net were in violation of ICQ’s trademark.
Tencent lost the case and had to relinquish the domain names.
In December 2000, Ma changed the name of the software to QQ (with “Q” and “QQ” used to stand for the word “cute”).
After the AOL case, Ma decided to expand the business portfolio of Tencent. In 2003, Tencent released its own portal (QQ.com) and made forays into the online games market. By 2004,
Tencent became the largest Chinese instant messaging service (holding 74 percent of the market), prompting Ma to list the company on the Hong Kong Stock Exchange.
After the company raised $200 million in June’s Initial Public Offer(IPO), Ma quickly became one of the richest people in China’s telecom industry.
In 2004, Tencent launched an online gaming platform and started selling virtual goods to support the games published on that platform (weapons, gaming power), as well as emoticons and ringtones.
Ma created two competing teams of engineers in 2010 and charged them with creating a new product. After two months, one team presented an app for text messaging and group chat – WeChat – which launched in January 2011.
As of 2015, WeChat is the largest instant messaging platform in the world, used by 48 percent of Internet users in the Asia-Pacific region.
In December 2015, Ma announced that Tencent would build an “internet hospital” set up in Wuzhen that will provide long-distance diagnoses and medicine delivery/
In 2016, Ma transferred US$2.3 billion worth of his personal Tencent shares to his charitable foundation, the Ma Huateng Global Foundation. However, Forbes has not decreased his net worth as the shares are still listed under his name.
Ma Huateng net worth 2020
Huateng was one of the world’s most influential people In 2007, 2014, and 2018, while in 2015, Forbes ranked him as one of the world’s most powerful people.
- Fortune valued him as among the top businessmen of the year 2017.
- He was named one of the Most Powerful People In The World in 2018.
Ma is a deputy to the Shenzhen Municipal People’s Congress and a delegate in the 12th National People’s Congress.
Being one of “Fortune world’s greatest leaders”, Ma is known for his low profile personality as compared to a fellow Chinese businessman and Alibaba founder Jack Ma’s outgoing personality.
Ma has been closely compared to American investor Warren Buffett for their similar investment philosophies, and often described as an “aggressive acquisitor”.
In November 2017, Ma Huateng net worth briefly surpassed that of Larry Page and Sergey Brin (individually) ranking him the ninth richest man in the world at the time, and the first citizen from China to enter Forbes’ top 10 richest men list.
As of June 2020, he is China’s richest man, surpassing Jack Ma, Ma Huateng net worth 2020 was estimated to be of US$49.9 billion according to Forbes. and the first citizen from China to enter Forbes’ top 10 richest men list. Ma Huateng net worth 2020 forbes.
Ma Huateng net worth 2020 is US$60 billion currently.