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Tencent acquires 5% stake in Tesla

Chinese internet giant Tencent Holdings Ltd. has purchased a 5% stake in Tesla Inc., formerly Tesla Motors Inc., according to a March 28 filing to the U.S. Securities and Exchange Commission.

Tencent paid nearly $1.78 billion for 8,167,544 shares, acquired through a combination of common stock offering by Tesla and open-market purchases, according to the filing.

This makes the Chinese company the fifth-largest shareholder in the U.S. electric vehicle maker, The Wall Street Journal reported March 28, while Tesla Chairman and CEO Elon Musk remains the leading shareholder with just over 20% ownership in the company.

Tesla shares reportedly rose 3.4% in New York following the news.