Snap stock surges on report that Biden may ban TikTok
Publishing timestamp: 2023-03-15 19:41:13
Summary
Shares in Snap and Meta rose after reports that the Biden administration is considering banning TikTok in the US unless its Chinese owner, ByteDance, divests its stake. Investors believe that if TikTok were to be banned, Snap and Meta could regain users lost to the short-form video platform. However, research predicts that TikTok will have more user attention than Snap and Meta-owned platforms in the future. ByteDance has pushed back against allegations that TikTok poses a national security threat, arguing that divestment would not solve the problem and that transparent, US-based protection of user data is the best solution.
Sentiment: MIXED
Keywords: business news, united states, social media, snap inc, mobile, internet, tiktok, breaking news: technology, technology, meta platforms inc,
Source: https://www.cnbc.com/2023/03/15/snap-meta-stocks-rise-on-report-that-biden-may-ban-tiktok.html