U.S President Donald Trump has issued an executive order that bans American companies from investing in Chinese companies linked to or controlled by the Chinese military.
This was disclosed by Reuters on Friday and is expected to have an impact on tech companies majorly owned by the Chinese government including Telecom Corp Ltd, China Mobile Ltd and Hikvision.
The order, which goes into effect from the 11th of Janury 2021, prevents American investment funds, Pensions funds and many others from “buying shares of 31 Chinese companies that were designated by the Defense Department as backed by the Chinese military earlier this year.”
American companies will be permitted to make transactions to divest ownership from the banned companies until November 2021.
“China is increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses,” the White House said.
Trade Adviser to the White House, Peter Navarro, said the rule would prevent American money from arming China and estimates half a trillion dollars in market capitalization was represented by the Chinese companies and their subsidiaries.
“This is a sweeping order designed to choke off American capital to China’s militarization,” he said.
Some companies affected by the order reported low shares at the stock exchanges, as China Telecom reported that the order would have a negative impact on it share price and it would monitor developments closely. Its shares were down 7.8% in Hong Kong.
Trump to return to social media with his own platform in 2 months
Over 2 months after he was banned from Twitter, Facebook, others, Donald Trump is working on making a return.
Former US President, Donald Trump, will be back on social media in the near future, over 2 months after he was banned from Twitter, Facebook, and others.
This follows plans by the former President to launch his own social media platform within the next 2 or 3 months.
This disclosure was made by Trump’s Senior Adviser, Jason Miller, on Sunday, March 22, 2021, during a chat with Fox News’ #MediaBuzz.
What Donald Trump’s Senior Adviser is saying
Jason Miller, who was a spokesman for Trump’s 2020 campaign, told the media network that the former President would soon get back to social media space with a new platform of his own that would completely redefine the game.
Miller, while talking to Fox News, said, “I do think that we’re going to see President Trump returning to social media in probably about two or three months here, with his own platform. And this is something that I think will be the hottest ticket in social media; it’s going to completely redefine the game, and everybody is going to be waiting and watching to see what exactly President Trump does.”
Although he did not provide more in terms of details, Miller revealed that Trump had been having high-powered meetings at his Florida resort, Mar-a-Lago, with various teams regarding the venture, and that numerous companies had approached Trump.
Miller said the new platform was going to be big, while also predicting that Trump would draw tens of millions of people.
In case you missed it
- It can be recalled that former President Trump was banned from Twitter after the January 6, attack on the Capitol by his supporters. He was accused of inciting his supporters after he rejected the US Presidential election result which he claimed was a fraud.
- Twitter last week said it would seek public input on when and how it should ban world leaders, saying it was reviewing its policy and considering whether leaders should be held to the same rules as other users.
Tesla investor sues Elon Musk for causing problems with his tweets
An investor in the US electric car maker, Tesla, has sued the company’s founder, Elon Musk over alleged erratic tweets.
Elon Musk, the controversial multi-billionaire is being sued by an investor in his company. Musk is being accused by the investor of unsettling the markets and exposing his investors to high risk with his “erratic tweets”.
Chase Garrity an investor in the US electric car maker, Tesla, has sued the founder of the company for his erratic Twitter messaging which according to him, has exposed the company to high legal risks and billions in price losses.
The 105-page lawsuit was published in the US court of Delaware and it accuses Musk of violating the settlement negotiated with the US Securities and Exchange Commission in 2018.
The lawsuit also includes the entire Tesla board and its supervisory body for not calling Musk to order.
In May 2020 Musk caused a 14 billion dollar loss in market value on a single trading day with a series of unguarded tweets. He tweeted about Tesla’s market value being too high and how he was going to dispose of all physical assets.
The lawsuit stated that any further unbridled tweet from Musk would have dire consequences for Tesla’s future funding opportunities.
What you should know
- Remember Nairametrics posted a story on how Musk tweets once again caused a serious ripple effect in the crypto world. His tweet helped Bitcoin gain $6000. He later invested heavily in Bitcoin.
- Manager Magazine stated that analysts are not comfortable with such a move and view it as some kind of manipulation.
- Musk in April last year posted a joke photo of Tesla going bankrupt. This once again unsettled investors.
- Tesla Management has not released a statement on this fresh lawsuit.
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