he is toasting and roasting xi on the global stage.
Chinese Tech Stocks Hit Hard By Trump's Executive Order Targeting TikTok And WeChat, Lose Over $75 Billion In Value
Chinese tech stocks lost more than $75 billion in value on Friday (Aug 7) after U.S President Donald Trump signed two separate executive orders giving American citizens 45 days to sever all relationships with WeChat, owned by Tencent Holdings , and TikTok, owned by ByteDance.
The shares of Chinese company Tencent Holdings fell 6.8 per cent, the most in nearly two years, within hours of U.S president Donald Trump signing an executive that bars U.S.entities from transacting on WeChat, the hugely popular social media behemoth. WeChat is a messaging, social media, and electronic payment application owned by Tencent Holdings Ltd.
Tencent’s shares, which are listed in Hong Kong, plunged as much as 10% but slightly recovered to be down by 6.8%.
Before Trump’s latest missive, Tencent shares were trading near a record high and the company’s market capitalization had been close to that of Facebook Inc.It is China’s second-most valuable listed company after Alibaba Group Holding Ltd.