Tencent, known as one of the world's largest gaming and social media firms, invested in Tesla in 2017, taking a 5% stake for around $1.78 billion.
, a move investors saw as a big distraction for the billionaire at a time when Tesla needed a steady hand. Tesla stock is down about 62% over the last year."Certainly, if a leader is get distracted across many companies it's hard to focus and Elon has a lot of projects. I think they're still doing great work," Wallerstein said.
He added that there's likely to be several competitors but that will "be really good for the planet" as electric car sales rise. "I would count on them [Tesla] to keep blowing our minds with what they do with technology," Wallerstein said. Tencent is a prolific investor in many different industries, ranging from gaming to e-commerce. But the company recently sold some of its stake amid a stricter regulatory environment in China.
But Wallerstein is on the hunt for investments in next-generation areas that could aid the fight against global challenges like climate change. Tencent has invested in companies such as Chinese electric vehicle
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