$175 Billion Pizza
As Tencent, parent of WeChat, China’s operating system for consumer commerce, loses billions of dollars in market cap, for reporting profit drop, this near-decade Stanford University paper reminds me why social media is like a pizza: looks great but hit it, it is all dough! In 2003, eBay held over 70% market share in China; by 2008, Alibaba’s Taobao had overtaken, controlling over 80% of the same market. Today, eBay's market share is a rounding number.
The shine is off Asia’s tech darling. Tencent Holdings Ltd. shares fell as much as 5% on Thursday in Hong Kong after the Chinese internet giant reported its first year-over-year quarterly profit drop in more than a decade. The selloff extended a rout that has wiped out more than $175 billion of the company’s market value since January.
A digital business is not a vacation job – it can be gone overnight. Hello MySpace.
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