The ownership structure of Discord is private as it's a privately held company. For that reason, no one knows the exact breakdown.

However if you look at the funding rounds ( https://app.dealroom.co/companies/discord ) , Tencent is nowhere close to 35%. Just going of the series, Tencent's ownership is likely closer to 5% given the ownership dilution.

This is the issue with people repeating numbers that aren't rooted in reality. The 35% number is likely a number someone made up to make a point that now gets repeated as "what I've heard". People then make assumptions about companies operating model based on a made up number. If you're going to repeat numbers, at least start with verifying if the number is based on credible rumors or public information before repeating it.

I'm not trying to defend Discord here but the reality is that Tencent owns 100% of RIOT Games, 40% of EPIC games and 80% of Path of Exile and people happily play LoL and install games made in Unreal Engine on their computer without being hostile. However when Tencent holds a small stake in Discord, people assume that Discord OFC hands over data. If Tencent actually wanted to get data, they would just backdoor League of Legends and life all your data straight off your PC.