The U.S. China Trade War takes another victim, WeChat, after TikTok.
As of 7th August, 2:51 pm GMT+8 hours, the stock price of Tencent Holdings Limited is down 5.22%. What is worse is that it is continuing to plummet further and trading pundits predict this will continue.
This is the outcome of the Executive order signed by the U. S. President Donald J. Trump banning WeChat, one of Tencent Holding’s most profitable ventures.
The official Executive order stated “Like TikTok, WeChat automatically captures vast swaths of information from its users. This data collection threatens to allow the Chinese Communist Party access to Americans’ personal and proprietary information.”
Many had expressed concern that the tensed U. S. A-China relationship is going to counteract Industry and the $46 billion hit taken by Tencent Holdings Ltd is proof.
Trump’s Executive Order against WeChat is right on the heels of a similar ban on another Chinese application, TikTok, owned by ByteDance.
President Trump has issued an executive order that would ban the social media app TikTok and WeChat from operating in the US in 45 days if they are not sold by their Chinese-owned parent companies https://t.co/1XKTVPQJC2
— CNN (@CNN) August 7, 2020
