Shares of Chinese videogame giants Tencent and NetEase plunged Thursday after China’s government summoned the companies for a meeting to make sure that they will implement Beijing’s new rules for the gaming sector. In Hong Kong, Tencent’s stock fell 8.5% Thursday, while NetEase shares dropped 11%. Other major Chinese tech stocks also fell on concerns that the government will continue to...
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Musk Puts $20 Billion Value on Twitter
Elon Musk offered Twitter employees stock grants at a valuation of roughly $20 billion, said a person familiar with an email Musk sent to staff, less than half what he paid to buy the company. It was a concrete acknowledgment of how much Twitter’s value has dropped since the deal—but it is still well above public market valuation levels for Twitter’s rivals.
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