Alibaba (BABA) - Get Report founder Jack Ma is no longer China's richest man. According to the Bloomberg Billionaires index, Ma Huateng, who is the founder and CEO of Chinese Internet giant Tencent Holdings (TCEHY) , has toppled Jack Ma's spot with a net worth of $50 billion.
Tencent's recent stock surge has added more wealth to Huateng's portfolio.
Ma Huateng, who goes by "Pony Ma" (where 'Ma' means 'horse' in Chinese), may not be as global a figure as Jack Ma, but he is one of the most recognized faces in China.
He co-founded Tencent, along with four classmates, in 1998. According to his company's bio, he received his Bachelor of Science degree in Computer and Applied Engineering from Shenzhen University in Guangdong, China.
Before co-founding Tencent, he worked at China Motion Telecom Development Limited, a telecommunications services provider.
Tencent is also known for developing the social messaging app WeChat, which has over 1 billion active monthly users. Tencent went public at The Stock Exchange of Hong Kong in 2004.
In 2018, the Chinese government honored Ma Huateng, along with Jack Ma, for their contributions helping boost the country's economy.
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