China’s Tencent and its mobile messaging app WeChat has 1 billion users and is poised to overtake Facebook as the king of social networks. While Facebook’s overall yearly growth in monthly active users has slowed to 18%, due in large part to losing teen users, WeChat users have almost tripled in the past year. And while many Western social networks are banned in China, WeChat has doubled its overseas reach. With these numbers, Tencent joins the ranks of the world’s most valuable internet companies.

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