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Friday, August 7, 2020

TENCENT STOCK TUMBLES AFTER WECHAT BAN

The aftermath of President Trump's executive order was felt immediately, as Tencent Holdings' stock dropped as much at 10% in the Hong Kong morning session on Friday. It bounced back slightly for a 7% loss after U.S. officials clarified that the ban only refers to the WeChat app, not its parent company. 

But the 7% loss was enough to wipe out over $35b in Tencent value. Whether or not Trump intended to punish Tencent doesn't matter anymore, they're feeling the affects of it. 

Tencent holds minority shares in Spotify (and vice-versa), UMG, Warner and Sony, along with a good chunk of the international gaming industry. 

TAGS: Tencent | Spotify | WeChat
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