Jul

Tencent’s $143 Billion Rout Is World’s Biggest as Tech Sinks

If you thought the slump in U.S. technology stocks was bad, take a look at Tencent Holdings Ltd.

The Chinese Internet giant has tumbled 25 percent from its January peak, erasing about $143 billion of market value. That’s the biggest wipeout of shareholder wealth worldwide, as measured from the date of each stock’s 52-week high. Facebook Inc., the F in the FANG block of mega-cap U.S. tech shares, is the second-biggest loser with a $136 billion slump over the past three trading sessions…

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Tencent’s $143 Billion Rout Is World’s Biggest as Tech Sinks

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