Gaming Stocks Plummet On Trump Executive Order Scare

Tencent holds a 100% stake in Riot Games, the maker of League of Legends, as well as a 40% stake in Epic Games, maker of Fortnite, and a 5% stake in Activision Blizzard, known for its popular Call of Duty franchise., among other outlets, pressed the Trump administration about whether the executive order would apply to video game companies owned by Tencent—but the White HouseThough the orderActivision Blizzard and other gaming companies, many of their stocks plunged all the same on Friday.

Tencent’s stock, which trades overseas, plunged by around 8% after Trump’s executive order, while Activision Blizzard fell over 5%. Other video game companies—including those not partially owned by Tencent, such as Electronic Arts, Take-Two Interactive, Zynga and Nvidia, all fell between 2% and 3% on Friday.Trump’s executive order will go into effect on September 20, although it could well face legal challenges. TikTok, for instance, hasThe Trump administration has ramped up its pressure on Chinese tech companies in recent weeks, calling Chinese-owned apps like TikTok and WeChat “threat[s]” to U.S. national security.

What's the sense of this move?

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apple is a major roadblock for Microsoft's ambitious 'Netflix of gaming' service - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Gun stocks edge higher after NY AG Letitia James sues to dissolve the NRAShares of gun makers edged higher Thursday, but pared earlier gains, after New York Attorney General Letitia James filed suit seeking to dissolve the... ComfortablySmug Again, never give these people an inch, they will take your rights away. Gun stocks are the most weird stocks. They rise when the business are threatened. Wish oil stocks work that way. ComfortablySmug There's barely any firearms or ammo as it is. Now what little is left will be wiped clean.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks making the biggest moves after hours: T-Mobile, Groupon, Zillow and moreSee which stocks are posting big moves after the bell.
Source: CNBC - 🏆 12. / 72 Read more »