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Shares of Weibo (WB4.08%) tumbled in morning trading Friday -- down by just over 13% as of 11:20 a.m. EDT -- after the Chinese social media companyremoved a major fan site for one of that country's most popular actresses as Beijing exerts more control over its tech sector.
The Chinese Communist Party is waging a battle against successful individuals and companies, fearing their ability to sway public opinion against the government. Videos of actress Vicky Zhao have reportedly disappeared from numerous platforms, including Tencent, iQiyi, and Youku. A Zhao fan site on Weibo's platform also was taken down. Beijing prev...
Weibo has become a risky investment. The Chinese government took a small stake in the business and has a right to appoint a directorto its board. After a nearly 30% plunge in July, the stock had been rebounding over the past two weeks, but after Friday morning's setback, it's down 26% from its 52-week high.
- Rich Duprey
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4 days ago · Get a real-time Weibo Corporation (WB) stock price quote with breaking news, financials, statistics, charts and more.
- 1.98B
- 1.74B
- 291.54M
- 257.63M
May 29, 2024 · Weibo reports Q1 EPS 41c, consensus 36c; Is WB a Buy, Before Earnings? Weibo call volume above normal and directionally bullish; Weibo downgraded to Underweight from Equal Weight at Morgan Stanley
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