Meta, X, TikTok, Snap and Discord face growing appetite in Congress for tighter social media regulation
Publishing timestamp: 2024-01-31 19:54:53
Summary
A Senate hearing on child safety and social media companies like Meta, TikTok, and X (formerly Twitter) resulted in bipartisan agreement that regulation is needed. However, there is skepticism about the immediate regulatory impact on these companies, as reflected in the relatively flat stock prices of Meta and Snap. Lawmakers are hopeful that the hearing will lead to efforts to regulate social media firms, but past attempts to pass legislation have been unsuccessful. The focus of the hearing was on Meta, given its user base, data privacy issues, and recent lawsuits. The company is rebounding after a challenging year in 2022, with its advertising business benefiting from Chinese retailers. Lawmakers also raised concerns about Chinese companies, particularly in relation to TikTok's Chinese owner, ByteDance.
Sentiment: MIXED
Tickers: META,
Keywords: meta platforms inc, mark zuckerberg, technology, social media, internet, business news, mobile, breaking news: technology,