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Snap stock surges on report that US President Joe Biden may ban TikTok

After The Wall Street Journal reported that TikTok may risk a US ban if ByteDance does not agree to the Biden Administration’s proposal, Snap shares increased by about 8% to $11.15, and Meta shares increased by little more than 3% to $203.49.

Shares of social media behemoths Snap and Meta increased on Wednesday in after-hours trading as a result of allegations that the Biden administration was considering prohibiting TikTok unless Chinese internet company ByteDance surrendered its ownership.

SNAP, Meta Shares

As The Wall Street Journal reported that TikTok could face a possible ban in the United States if ByteDance doesn’t agree to the Biden Administration’s proposal, Snap shares increased by about 7%, while Meta shares increased by more than 2%.

In order to compete with TikTok for consumers’ attention, Snap and Meta have each created their own short-form video services.

According to Insider Intelligence’s analysis, adults in the US will spend 30.8 minutes a day on Snapchat on average in 2023 compared to 55.8 minutes on TikTok.

It also demonstrates how legislative efforts to counteract the alleged threat posed by TikTok may ultimately serve the interests of significant American digital platforms, including powerful firms that some in Washington wish to restrain for other reasons.

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TikTok Ban

Snap and Meta rose on Wednesday after reports that the Biden administration was considering banning TikTok unless ByteDance gave up ownership.
Snap and Meta rose on Wednesday after reports that the Biden administration was considering banning TikTok unless ByteDance gave up ownership.

The largest winners of a TikTok ban, according to senior equity analyst Angelo Zino of CFRA Research, would be Snapchat, Facebook-owned Meta, and YouTube.

According to Zino, TikTok’s emphasis on short-form videos has improved consumer engagement and time spent, upended the entire business, and hampered META and SNAP. Considering TikTok’s rising user base and engagement, it has been stealing more and more of the digital advertising pie away from other social media competitors.

Due to TikTok’s success in recent years, several significant American applications have copied some of its features, including the introduction of Instagram’s Reels and YouTube’s Shorts.

Tuesday’s trading for Alphabet, the parent firm of YouTube, was basically unchanged. Due to its dedication to “efficiency,” Meta has seen a 50% increase in value so far this year.

Tuesday’s early trading saw a little increase, most likely as a result of a story indicating that further layoffs are planned. The potential of a TikTok ban could be even another benefit for Meta’s shares this year.

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