Prosus on track for worst day since March after US move to ban WeChat

Naspers stable sees about R230bn shaved off market capitalisation after the White House puts restrictions on Tencent

The share of price of consumer internet group Prosus was on track for its worst day in almost five months on Friday, after the White House moved to restrict US companies from doing business with Tencent.

In morning trade Naspers was down 4.54% to R3,077, while Prosus was down 5.9% to R1,640 — on track for its worst day since March 16.Naspers, via Prosus, is the largest single shareholder in Tencent, holding 31.2% of the WeChat owner. US President Donald Trump on Thursday signed an executive order barring US companies from making financial transactions with Tencent, the owner of WeChat, and ByteDance, the owner of the TikTok app.

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BDliveSA /  🏆 12. in ZA

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