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Gaming Stocks Plummet On Trump Executive Order Scare

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Video game stocks fell on Friday, even though they won’t be affected by Trump’s executive order targeting Tencent and ByteDance.

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.

 

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