KEY POINTS
Snap shares surged nearly 8% to $11.15 while Meta shares rose a little over 3% to $203.49 after The Wall Street Journal reported that TikTok faces a possible ban in the U.S. if ByteDance fails to comply with the Biden Administration's proposition.
Investors believe that if TikTok were to be banned in the U.S., social media companies like Snapchat and Meta would regain users lost to the short-form video platform.
ByteDance said in a statement that “If protecting national security is the objective, divestment doesn't solve the problem: a change in ownership would not impose any new restrictions on data flows or access.”
https://www.cnbc.com/2023/03/15/snap-meta-stocks-rise-on-report-that-biden-may-ban-tiktok.html
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