Baidu Shoots Past $50 Billion Market Cap On Facebook News

baidu stock

Photo: Google Finance

Baidu’s stock has been responding very well to news of its deal with Facebook to create a social network joint venture in China.Its stock is popping right now and its market cap passed $50 billion dollars, a pretty big milestone.

There are still impediments to the deal however: the joint venture has to be approved by the Chinese government, which could take a while, and generally the social networking market in China is highly competitive and saturated, with Tencent dominant and also many other companies like Facebook clone RenRen and Twitter clone Weibo thriving.

(via @niubi)

Previously: Facebook Strikes China Deal With Baidu →

NOW WATCH: Tech Insider videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.