Snap inventory surges on report that Biden might ban TikTok

KEY POINTS

Snap shares surged almost 8% to $11.15 whereas Meta shares rose a bit of over 3% to $203.49 after The Wall Road Journal reported that TikTok faces a doable ban within the U.S. if ByteDance fails to adjust to the Biden Administration's proposition.

Buyers consider that if TikTok had been to be banned within the U.S., social media firms like Snapchat and Meta would regain customers misplaced to the short-form video platform.

ByteDance mentioned in an announcement that "If defending nationwide safety is the target, divestment doesn't clear up the issue: a change in possession wouldn’t impose any new restrictions on information flows or entry."

https://www.cnbc.com/2023/03/15/snap-meta-stocks-rise-on-report-that-biden-may-ban-tiktok.html