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Tencent founder dangles billions in aid as antitrust scrutiny grows
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Tencent dangles billions in aid as antitrust scrutiny grows
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Zheping Huang and Coco Liu, Bloomberg News Ma Huateng. Photographer: Paul Yeung/Bloomberg , Bloomberg
(Bloomberg) Tencent Holdings Ltd. founder Pony Ma pledged $7.7 billion toward curing societal ills and lifting Chinaâs countryside out of poverty, echoing Xi Jinpingâs priorities at a time Beijing is tightening its grip on internet giants.
The billionaire chief executive officer on Monday pledged to set aside 50 billion yuan for a âsustainable social valuesâ program, in what would be one of Chinaâs largest corporate charity initiatives. Tencent promised to tackle a plethora of issues from renewable energy and scientific education to health care and rural revitalization a centerpiece of Xiâs over-arching policy framework. The gaming and social media giant intends to fold its existing foundation and philanthropic activity into a new unit to oversee the initiative, which also encompasses carbon neu