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Apple loses $2-trillion status in a single day

The largest one-day loss of any company ever

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Two weeks ago, Apple climbed past the two-trillion mark in terms of company valuation. The tremendous feat is the first time that an American company has done so. Now, the company has accomplished another historical milestone. In a day of red, Apple loses $2-trillion status in a single day.

Throughout the past couple of days, the company’s stock fell to the red after a bountiful boom earlier this week. The start of September marked a historic 4-in-1 split following a successful run in the past few months. Traders rushed to purchase Apple’s stocks for cheaper prices. After the rush of buying, day trader quickly sold for a profitable margin. Meanwhile, wary investors sold their own stock after seeing the drop, fearing further losses. Just today, the stock sank by up to 800 points.

As a result, the company’s market value sank by US$ 180 billion. The plummet marks the largest one-day loss for any company in history. Volkswagen previously held the record with a US$ 153-billion loss back in 2008. With the loss, Apple sank below the $2-trillion mark once again.

Certainly, the “milestone” isn’t a good look for the American company. However, the market will likely bounce back again soon. Especially with the impending iPhone 12 launch, Apple’s stock looks like it’s in good shape for the future.

SEE ALSO: Apple’s Tim Cook is now worth a billion dollars

Enterprise

The US has temporarily halted the TikTok and WeChat ban

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Late last week, Trump finally brought the hammer down on TikTok and WeChat. Supposedly, by Sunday, both Apple and Google should have pulled the platforms from their respective app stores. However, in a late ruling, that’s not happening anymore. As of late Sunday afternoon, the United States has temporarily halted the TikTok and WeChat ban.

In San Francisco, a US Magistrate Judge Laurel Beeler has ruled in favor of TikTok and WeChat. According to Reuters, the judge found “serious questions going to the merits of the First Amendment [or right to free speech] claim.” Further, the ruling states that the bans will not alleviate the government’s cybersecurity concerns at all. If anything, it will only impede the communication between private individuals using the platform.

Yesterday, TikTok officially filed a lawsuit against the Trump administration, citing violations in both the right to free speech and due process. Now, the judge’s ruling effectively blocked the ban from taking place. Of note, however, the ruling covers only WeChat.

On the TikTok side of things, the US Commerce Department temporarily halted the order of its own accord. Besides the lawsuit against the administration, TikTok is also in the middle of a finalized business deal with Oracle (whom Trump gave a blessing to).

Though both bans are on hold, the platforms’ futures are still up in the air. With a finalized buyer already, TikTok is looking to form a separate, American-owned corporation, TikTok Global, to continue its operations in the country. Meanwhile, WeChat is still figuring future plans on its own. Trump has also started to question WeChat’s owner Tencent in its other businesses.

SEE ALSO: China would rather shut TikTok down than sell it

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Enterprise

TikTok is suing Trump

Citing violation of free speech and due process

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Late last week, President Donald Trump issued a final directive against TikTok’s Chinese operations in the United States. Starting late Sunday, Apple and Google will forcibly pull the popular platform out of their respective app stores. TikTok doesn’t have much recourse. To stave off the potential shutdown, TikTok is suing Trump.

Reported by The Wall Street Journal, ByteDance filed an eleventh-hour lawsuit against the administration for violating the right to free speech. Further, the company claims the lack of due process in the impending ban.

Over the past two months, Trump fired off a vicious crusade against TikTok. Back in August, his administration issued a deadline for the platform to either leave the country or find an American buyer.

Since then, Oracle has emerged as the winner for TikTok’s US operations. Over the weekend, Trump has also “given the deal [his] blessing,” as reported by Reuters. With the deal, Oracle will create a new corporation, named TikTok Global, for the platform’s US operations. The upcoming company will recruit American directors and a security consultant on the board.

That said, TikTok’s fate is still up in the air. Whereas TikTok’s strategy will delay the ban, Trump’s erratic moves will force the platform to quickly shift to American control. More news will likely surface after the weekend.

SEE ALSO: China would rather shut TikTok down than sell it

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Enterprise

Trump is now targeting Tencent Games

Investigating Epic Games and Riot Games

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Today, the Trump administration finally administered a coup de grâce against TikTok and WeChat. The government has effectively blocked the popular platforms from app stores nationwide. Now, they are setting their sights on another target. Trump is now targeting Tencent Games.

According to Bloomberg, the Trump administration has officially asked League of Legends’s Riot Studios and Fortnite’s Epic Games for their ties to Tencent Games. Notably, the Chinese Tencent Games owns Riot Games, plus a minority stake in Epic Games.

The Committee on Foreign Investment inquired “about their security protocols in handling Americans’ personal data.” Both League of Legends and Fortnite are still two of the most popular multiplayer games today. Naturally, millions of Americans play these games every day.

Of course, it’s no surprise that the American government is now pursuing Tencent Games for their alleged Chinese ties. WeChat’s ban, in fact, stems from its ties to Tencent. At the time of WeChat’s first involvement in the ongoing ban, pundits also speculated on the eventual attack against Tencent’s other properties. Now, it’s materializing.

At this point, no one knows if Trump’s latest attack will go anywhere. The administration is likely still handling the successful attack against TikTok and WeChat.

SEE ALSO: Oracle wins bid for TikTok’s US operations

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