Chinese firm Tencent bought 8,167,554 shares of Elon Musk’s operated Tesla that’s around 5 percent stake in the company for a whopping $1.7 Billion, according to a filing. Tencent is Asia’s second highest valued tech firm which has now become one of the largest shareholders of Tesla.

Tesla’s price went three times high just after the news spread. The deal was closed on 17th March, and now the shareholding of Tencent itself is valued at $2.2 billion according to current market prices.

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Tencent holds some great portfolio of investments including Snapchat. An alliance with Tencent could significantly boost Tesla’s efforts in China, which is already impressive. Chinese sales accounted for 15 percent of Tesla’s $7 billion revenue last year.

Tencent last week made a $350 Mn investment in photo sharing and video streaming app Kuaishou. Tencent just had a record year of revenue growth after it reported total sales of $21.9 billion for 2016. hat figure was up 48 percent, representing the company’s highest revenue jump since 2012. Net profit for the year increased by 43 percent to reach $5.9 billion.