While most people in the West still aren't familiar with Tencent, the Chinese digital media and telecom conglomerate has quickly become one of the biggest players on the internet. Just last week, Tencent's market cap valuation of $US530 billion ($697 billion) propelled it past Facebook and into the fifth spot among the largest corporations in the world.
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Snap is screwed. Following an earnings call on Tuesday, a fifth of the company's value disappeared in after-hours trading, Mark Zuckerberg is eating its lunch, Snap Spectacles are in the toilet. Yes, things are bad. But are they Vine-levels of bad? Or Twitter-bad? Trick question, Twitter's very screwed!