---
title: "Tencent Shares Lose $66 Billion in 2-Day Rout on WeChat Ban"
description: "Tencent Holdings Ltd. added to Friday’s sharp decline to start the week, putting the stock’s two-day loss of market value at $66 billion following America’s move to ban residents from doing business with the company’s WeChat app."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2020-08-10-tencent-shares-lose-66-billion-in-2-day-rout-on-wechat-ban/"
published: "2020-08-10T20:02:27"
lang: "en-ZA"
word_count: 153
---

# Tencent Shares Lose $66 Billion in 2-Day Rout on WeChat Ban

> Tencent Holdings Ltd. added to Friday’s sharp decline to start the week, putting the stock’s two-day loss of market value at $66 billion following America’s move to ban residents from doing business with the company’s WeChat app.

By Bloomberg · Published 10 August 2020, 22:02 SAST

## Content

Tencent Holdings fell 4.8% Monday and nearly reached Friday’s low. The cumulative 9.6% drop, the worst two days since October 2011, followed a four-month, 70% surge which put shares into record territory and made the internet giant Asia’s most valuable company at nearly $700 billion.

Tech stocks in Hong Kong led declines in the city Monday, with the Hang Seng Tech Index falling as much as 3.6%. The sector was also among the weakest performers in China, with the ChiNext Index dropping as much as 2%. Suppliers to Apple Inc. saw some of the biggest declines.

[Why Tencent and WeChat Are Such a Big Deal in China: QuickTake](https://www.bloomberg.com/news/articles/2020-08-07/why-tencent-and-wechat-are-such-a-big-deal-in-china-quicktake)

Deteriorating relations between the U.S. and China are raising investor concerns about the geopolitical impact on economies and markets. In addition to the WeChat ban, Trump [signed](https://www.bloomberg.com/news/articles/2020-08-07/trump-signs-tiktok-ban-as-u-s-boosts-pressure-for-sale-of-app) an order to prevent U.S. residents from doing business with ByteDance Ltd.’s TikTok app starting in six weeks.