Leprince, Cheney, China discussed on Bloomberg Finance


If you remember there was a us company called mice space that leverage was pain to leon nice face right but no my space have lots of users but they never figured out a way to make money but leprince looked at this cheney his company and said they've got lots of eyeballs millions of eyeballs i'm confident they're going to find a way to make money even though i can't really tell you exactly what that's going to be and he he called the kind of a leap of imagination basically he sodas felt this company had the potential to be something even if he could not take your late exactly what it was the and what what did it end of being for him well not what he thought actually his initial guess was that it would be a big advertising vehicle which it's starting to become but that took many years to happen along the way it became the leading company in china and possibly even in the world in gaming it also developed a huge social network in china called we chat that has nearly a billion users you talk to anyone who's been to check and everyone knows what we jettison now they have started to sell advertising they've also partnered with a slew of companies in china and most recently snap in the united states and they really have their tentacles everywhere at this point and 10cent is not the only chinese company that blever ends took a stake in early and has one on is that right that's correct he bought alibaba right after it became a public company in two thousand fourteen and alibaba is certainly the leading ecommerce company in china if not in the world it's it's tremendous and it also has a very big what's called hourly pay one of these pay systems it i've never been to china but if you talk to anyone who has people by everything there with their cell phones they just swipe them even if you buy something from a street vendor out on a busy street in china they used their phones and they pay through this all pay and it's become a tremendous company jack ma the founder of that company if you look on your bloomberg terminal one day to see who the richest people in the.

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