Business

Trump's vaguely-worded executive order targeting Tencent initially wiped $45 billion off its value

1 month ago   |   By Business Insider

REUTERS/Jonathan Ernst
Tencent's stock fell as much as 10% after Trump issued a vaguely-worded executive order banning US individuals and companies from doing business with its chat app WeChat.
A second order targeted TikTok owner ByteDance.
It was initially clear whether the order targeted Tencent's entire business. Tencent has a big presence in gaming, with stakes in Epic Games, Activision/Blizzard, and Ubisoft.
Tencent's stock recovered slightly after a White House official clarified the order only applied to WeChat.
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TikTok threatens to sue the Trump administration over the executive order barring US firms from doing business with its parent

TikTok threatens to sue the Trump administration over the executive order barring US firms from doing business with its parent

1 month ago   |   By Business Insider

Tolga Akmen/AFP/Getty Images; Clancy Morgan/Business Insider
TikTok has threatened to sue the Trump administration over Thursday's executive order that bans US citizens and companies from doing business with its Chinese parent company ByteDance.
TikTok responded to the order on Friday, saying it was issued "without any due process."
The executive order prohibits US individuals and companies from making "any transactions" with TikTok's parent company ByteDance. Another order on Thursday targets Tencent-owned WeChat.
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