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Snap stock jumps on report of Biden banning TikTok

WorldAsiaSnap stock jumps on report of Biden banning TikTok

Evan Spiegel, co-founder and CEO of Snap Inc. attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center on June 17, 2022 in Paris, France.

Benoit Tessier | reuters

Shares in social media companies crackle And meta After-hours trading jumped on Wednesday after the Biden administration reported the Biden administration was considering banning TikTok in the US unless Chinese tech giant ByteDance divested its stake.

Snap shares soared nearly 7% after The Wall Street Journal while Meta shares rose more than 2% informed of TikTok could face a possible ban in the US if ByteDance fails to comply with the Biden administration’s proposal.

Both Snap and Meta face stiff competition from TikTok for user attention, and have introduced their own short-form video products to compete. In 2023, adults in the US are projected to spend an average of 55.8 minutes per day on TikTok, 30.8 minutes on Snapchat, 30.6 minutes on meta-owned Instagram and 30.2 minutes on meta-owned Facebook. research From Insider Intelligence.

Last week, the White House voiced Help Most recently for the Senate Bill Joe Biden would give the administration the ability to ban TikTok in the US

US lawmakers have expressed concern that TikTok, by virtue of its Chinese ownership, could harm US Senator Mark Warner, D-Va. poses a potential national security threat with the U.S. recently saying that “this competition with China that dominates the technology domain is really where the national security nexus is headed.”

ByteDance has backed those allegations, and said in a statement Wednesday, “If the objective is to protect national security, divestment does not solve the problem: A change in ownership will not impose any new restrictions on data flow or access.” “

“The best way to address concerns about national security is with the transparent, US-based security of US user data and systems, along with the robust third-party monitoring, vetting and verification that we have previously demonstrated,” the statement argued. are being implemented since.

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