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US bans on Chinese social networks trigger wave of uncertainty

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Beijing, Aug 18 (EFE).- The bans announced by the President of the United Sates Donald Trump on Chinese social networks TikTok and WeChat have triggered a wave of uncertainty for the two companies with speculation over multi-million dollar losses, forced sales, legal challenges and possible retaliation. On Aug. 7 Trump signed a presidential order to ban "transactions" - as yet unspecified - with the two applications and their developers ByteDance and Tencent, effective in 45 days. The order cited national security threats over the alleged capture of personal data by the apps that could be shared with the Chinese Communist Party. TikTok had become of the biggest global success story of the Chinese tech sector in recent years, while Tencent is a digital giant on its own with an estimated net worth of over $695 billion. The impending bans could affect the two ventures in different ways. (Camera: WU HONG).B-ROLL OF TENCENT HEADQUARTERS BUILDING IN BEIJING, CHINA.

Added on the 18/08/2020 14:00:00 - Copyright : EFE Inglés

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