President Trump Signs Executive Orders Against ByteDance, Tencent

President Trump Signs Executive Orders Against ByteDance, Tencent

Update: The White House has told the LA Times that the executive order only applies to WeChat transactions.

Original Story: U.S. President Donald Trump issued two executive orders Thursday prohibiting transactions with TikTok owner ByteDance and WeChat owner Tencent Holdings. The language of the order as it relates to Tencent, is as follows:

“The following actions shall be prohibited beginning 45 days after the date of this order, to the extent permitted under applicable law: any transaction that is related to WeChat by any person, or with respect to any property, subject to the jurisdiction of the United States, with Tencent Holdings Ltd. (a.k.a. Téngxùn Kònggǔ Yǒuxiàn Gōngsī), Shenzhen, China, or any subsidiary of that entity, as identified by the Secretary of Commerce (Secretary) under section 1(c) of this order.”

Similar language is used in regards to transactions related to ByteDance and TikTok. The language of both executive orders is vague, leading some to suggest that any transactions with Tencent Holdings in the United States woul be prohibited. In a letter sent to Republican lawmakers Thursday Trump said that he would define what transactions would be affected when the executive orders take effect on Sept. 20.

Tencent owns Riot Games and has holdings Epic Games, Activision Blizzard, and many other video games and esports-related companies.

Published at Fri, 07 Aug 2020 02:28:57 +0000

Leave a Reply

Your email address will not be published. Required fields are marked *