Trump’s ban against WeChat owner Tencent could have huge implications for U.S. companies

Trump’s ban against WeChat owner Tencent could have huge implications for U.S. companies

  • While wording of order is unclear, videogame companies, Tesla, Snap and pro sports leagues could be set scrambling

Did President Donald Trump just blow up the U.S. videogame industry?

That was the question on a lot of minds after Trump issued executive orders Thursday night banning “transactions” with the Chinese owners of the TikTok and WeChat apps starting Sept. 20. While the move against TikTok’s owner — Beijing-based Bytedance — was not a huge surprise, action against WeChat’s owner — Shenzhen-based tech giant Tencent Holdings Inc. — was.

That’s because Tencent is one of the world’s largest and most valuable companies, with ownership stakes in a number of U.S. videogame companies, including Riot Games, which makes “League of Legends”; Epic Games, which makes “Fortnite”; and Activision Blizzard ATVI, -1.09% , which makes “World of Warcraft.”