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Trump decree reserved Tencent stock

 


Tencent’s share price fell 10% within hours of President Donald Trump issuing a loosely-worded executive order banning U.S. individuals and businesses from doing business with its WeChat chat app An earlier order on Thursday was for TikTok’s parent, ByteDance. It is not known whether the order covered all of Tencent’s activities. Tencent has a large presence in the game, with stakes in Epic Games, Activision / Blizzard and Ubisoft. Tencent’s stock recovered slightly after a White House official clarified the order applied only to WeChat. Visit the Business Insider homepage for more stories.

Chinese tech giant Tencent’s stock fell 10% within hours of his appointment in a loosely-worded executive order released Thursday by President Donald Trump.

The order, which is due to go into effect Sept. 20, prohibits US citizens and businesses from making any “transactions” with the Tencent-owned WeChat chat app, though the order was not specific on. which counted as a “transaction”.

A second similar order issued earlier Thursday targeted ByteDance, the Chinese company that owns the hugely popular TikTok short video app.

The Tencent order stated that it applied to: “Any transaction related to WeChat by any person, or in respect of any property, subject to the jurisdiction of the United States, with Tencent Holdings Ltd. […] or any subsidiary of that entity. “

The vague wording implied that all of Tencent’s business could be affected, which could have serious ramifications for the gaming industry in the United States.

In addition to owning WeChat, which is widely used in mainland China, Tencent is also the world’s largest games company with stakes in Epic Games, Activision / Blizzard and Ubisoft and outright ownership of the Los Angeles-based game studio. Angeles Riot Games.

A White House official confirmed to Business Insider Thursday evening that the order only applied to WeChat-related transactions and not to Tencent’s broader business.

Nonetheless, it hammered the market value of the business. Tencent’s stock fell 10% after the first order. The stock has recovered to about half of that at the time of writing.

Tencent’s market cap was $ 687 billion at market close on Thursday. At the time of writing this article, Tencent’s market capitalization is $ 639 billion.

Tencent did not immediately respond to a request for comment. ByteDance has threatened to sue the Trump administration for the order, which he said was issued without due process.

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