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8/7, 5:49 AM (Source: TeleTrader)
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WeChat becomes target of Trump executive order

United States President Donald Trump issued an executive order on WeChat that echoed his action on TikTok parent ByteDance. Like in the ByteDance executive order, Trump said that any US entity that takes part in transactions with WeChat parent Tencent Holdings Ltd. will be subject to sanctions, starting 45 days after the publication of the executive order.

The US president accused WeChat of collecting user data and expressed concerns the data could be accessed by the Communist Party of China. Furthermore, he said the app gives China access to information on Chinese citizens in the US while they "may be enjoying the benefits of a free society for the first time in their lives."

Tencent shares dropped 6.57% in Hong Kong at 5:32 am CET.

Breaking the News / VP