Tencent suspends new user registrations on WeChat

Tencent has temporarily suspended new user signups for its messenger and payment service WeChat. A technical update to comply with new regulations and laws in China regarding data security and privacy is stated as the reason, according to a report by Bloomberg on Tuesday, citing a statement made by the tech company. New users are not expected to be able to register until early August. This action caused Tencent’s shares to plummet even further on the Hong Kong stock exchange. Its value dropped by nine percent on Tuesday, the highest drop since October 2011. The social media and gaming giant has lost more than $100 billion of its value over the last two days.