Executive order bans US transactions with ByteDance… and Tencent
Posted on: 7 août 2020, by : Stuart Dredge

As promised, President Trump has signed an executive order banning all transactions by US companies with TikTok’s parent company ByteDance. However, a separate order extends the ban to messaging app WeChat AND its parent company Tencent – including “any subsidiary of that entity”.
Strap yourselves in. Given Tencent’s web of investments in and from music industry companies, there may be some chaos ahead.
Here’s the TikTok/ByteDance executive order and here’s the WeChat/Tencent one. Both set a deadline of 45 days after which transactions with ByteDance and Tencent will be prohibited, and both note that the US Secretary of Commerce will “identify the transactions” covered by the order… in 45 days’ time.
The post Executive order bans US transactions with ByteDance… and Tencent appeared first on Music Ally.
Source: Music ally

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