Tencent stock plummets after Trump announces plan to ban WeChat in the US

Tencent stock plunged on Friday after US President Donald Trump moved to ban WeChat, a social media app owned by the Chinese tech giant.

Hong Kong Tencent stock plunged on Friday after US President Donald Trump moved to ban WeChat, a social media app owned by the Chinese tech giant.

Shares in Tencent plummeted as much as 10% in Hong Kong, before paring back some of those losses — though the stock was still down nearly 6% by early afternoon. Hong Kong's benchmark Hang Seng Index fell 2.3%. The fall came after Trump issued executive orders that would ban WeChat and TikTok, the short-form video app owned by Beijing-based ByteDance, from operating in the United States in 45 days if they are not sold by their parent companies.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNN /  🏆 4. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shares of Tencent plunge almost 7% after Trump issues executive order on TikTok and WeChatShares of Hong Kong-listed Tencent plunged nearly 7% by Friday afternoon after U.S. President Donald Trump issued executive orders targeting Chinese apps WeChat and TikTok.
Read more »

Trump issues executive orders banning U.S. transactions with WeChat and TikTok in 45 daysThe ban will start in 45 days.
Read more »

Tencent Stock Drops After Firm Is Targeted by Trump Executive OrderShares of Tencent Holdings plunged as much as 10%, hours after President Trump signed an executive order that would bar U.S. entities from transacting with the Chinese internet giant.
Read more »

Trump bans dealings with Chinese owners of TikTok, WeChatNEW YORK (AP) — President Donald Trump on Thursday ordered an unspecified ban on “transactions” with the Chinese owners of the consumer apps TikTok and WeChat. The twin executive orders —...
Read more »

Trump bans ‘transactions’ with Chinese owners of TikTok, WeChatPresident Donald Trump on Thursday ordered an unspecified ban on “transactions” with the Chinese owners of the consumer apps TikTok and WeChat.
Read more »

Trump issues executive orders against TikTok and WeChat, citing national security concernsTrump issues executive orders against Chinese firms, citing national security concerns
Read more »