Why Weibo Is Plunging Once Again
Shares of Weibo (NASDAQ: WB) tumbled in morning trading Friday -- down by just over 13% as of 11:20 a.m. EDT -- after the Chinese social media company removed 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.
Image source: Getty Images.
Source Fool.com
