Tencent loses $46 bn after Trump announced ban on WeChat

The Trump administration’s move to ban US residents from doing business with Tencent Holdings Ltd.’s WeChat app rippled through Chinese markets, erasing $46 bn from the Internet giant’s market value and sending the yuan to its biggest slump in two weeks.

The U.S. president’s executive order fueled concern that the deteriorating U.S.-China relationship will weigh on companies, economies and markets. Confusion over the scope of the order led to volatile trading on Friday, with Tencent plunging more than 10% before paring its loss to 6.8% at the midday break. A U.S. official later clarified the ban will only cover WeChat.

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