Tencent stock drops after firm is targeted by Trump executive order

Tencent stock drops after firm is targeted by Trump executive order
  • Shares of Tencent Holdings plunged as much as 10% on Friday, hours after President Trump signed an executive order that would bar U.S. entities from transacting with the Chinese internet giant and its popular social-media app, WeChat.
  • Tencent’s shares, which are listed in Hong Kong, started tumbling when the market opened and ended the day down 5% after paring earlier losses. The benchmark Hang Seng Index, which Tencent is a large constituent of, fell 1.6%.
  • Just before the news, Tencent shares were trading near a record high and the company’s market capitalization had been close to that of Facebook.