12/18/2023 0 Comments Tencent wechat wechat paykharpalcnbc![]() The US wants “untrusted” Chinese apps to be removed from US app stores. (Image credit: Wikimedia Commons) What’s the issue with WeChat? Tencent is headed by Ma Huateng, the founder and CEO of the social media giant. Tencent, which currently has a market cap of over $600 billion, is headed by Ma Huateng, better known as Pony Ma, the founder and CEO of the social media giant. China’s Tencent also owns stakes in Snap Inc, Activision, and Tesla. Tencent also has a 1.5 per cent stake in South Korean company Bluehole, the publisher of PlayerUnknown’s Battlegrounds, better known as PUBG. It also has a stake in Epic Games, the makers of Fortnite. This is the same company that owns a majority stake in Riot Games, the makers of League of Legends and Supercell, the developers of Clash of Clans. WeChat is owned by Tencent, Asia’s largest company by market cap. However, WeChat is hardly known to people living outside of China. The rise of WeChat in China can be attributed to the fact that the government has banned many popular American apps like Facebook, WhatsApp and Twitter in the country.įacebook’s WhatsApp suffers from stigma in India digital payments Who owns WeChat? WeChat is so popular that the app is the main form of communication among Chinese consumers. WeChat is China’s most popular messaging app with a monthly active user base of over 1 billion. So what exactly is WeChat and why is the Trump administration after the popular Chinese messaging app? What is WeChat? The decision to ban WeChat will have long-term implications on consumers, American companies with a significant presence in China, US-China relations, and the future of the internet. The order, which takes effect in 45 days, says Americans will be prohibited from carrying out any transactions with Tencent, the parent company of WeChat. President Donald Trump on Thursday signed an executive order banning WeChat in the US, a popular messaging app with its roots in China. The app was pulled from Google Play Store and Apple App Store in late June. WeChat is among 59 Chinese apps banned by India’s Ministry of Electronics & Information Technology. ![]()
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