In the same month, Tencent announced that WeChat reached 980 million monthly active users,[87] and said to be earmarking billions of dollars to amass a catalogue of user-generated content, in competition with YouTube.[88] The company became the first Asian company to cross US$500 billion valuation, surpassing Facebook to enter the top 5 list of the world's biggest firms.[6][7][8][9][89][90][91][92]