How China’s video game crackdown caused a $200 billion stock wipeout for Tencent

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How China’s video game crackdown caused a $200 billion stock wipeout for Tencent

New York (CNN Business)China’s crackdown on video games has hammered one of its most valuable companies. And it’s unclear when the situation will improve.

Shares of Tencent (TCEHY), a huge technology and entertainment conglomerate, are down about 40% from their peak in January. Its epic stock plunge has wiped out more than $230 billion in market value.
The decline has been enough to push Tencent out of the world’s 10 biggest companies. It’s now No. 11, according to data from Refinitiv. As recently as March, it ranked fifth, eclipsing corporate giants like Berkshire Hathaway (BRKB), Facebook (FB) and JPMorgan Chase (JPM).