Citing knowledge security issues, President Donald Trump issued two executive orders Thursday night (August 6) banning TikTok and WeChat in the United States.
The ban will begin in forty-five days and save you any U.S. transactions. With applications or their parent companies, Tencent and ByteDance.
“Like TikTok, WeChat automatically captures large amounts of data from its users,” the decree said on WeChat. “This knowledge collection threatens to allow the Communist Party of China to access non-public and exclusive data of Americans.”
WeChat, a social media, messaging and virtual payment app, has over one billion users worldwide. TikTok, a video sharing app with Generation Z, has been downloaded 175 million times in the United States and more than a billion times worldwide, according to the executive order.
Tencent’s inventory fell 10% on Friday morning in Hong Kong to $30 billion from its market value, according to Bloomberg. The stock gained ground after a U.S. official clarified that the executive order only considers WeChat and not other associations the company has with U.S. companies.
For its part, TikTok has rejected these assertions and contends that its knowledge of the US user is stored in the United States with Singapore-subsidized files, according to CNBC.
A Tencent spokesman said this morning that the company is “reviewing the decree for a full understanding.”
ByteDance did not promptly comment on Thursday night.
The move comes when Microsoft is in talks to get a percentage of the video-sharing app, an agreement that Trump also talked about, urging Microsoft to purchase TikTok in its entirety as a component of the company.
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