By Dhirendra Tripathi
Investing.com – Tencent (NYSE:TME) shares rose Wednesday on news that U.S. President Joe Biden has replaced his predecessor’s orders that would have barred American businesses from doing transactions with WeChat and TikTok.
Former President Donald Trump had issued three orders against Chinese companies, one of which would have led to a ban on TikTok, a popular app.
Biden's executive order seeks a review of the data collection practices of foreign-owned apps.
Biden’s order directs the Commerce Department to review apps tied to foreign adversaries and lays out what it should consider an “unacceptable risk,” according to a White House fact sheet, CNBC said.