TECH - TikTok's Ticking Clock: Meta Snap Stocks Climb As US Ban Bill Vote Nears | Benzinga
A high-profile bill that aims to dismantle TikTok's U.S. operations is affecting social media stocks.
What Happened: At last check on Thursday:
- Meta Platforms Inc (NASDAQ:META) is up 1.4%
- Snap Inc (NYSE:SNAP), whose app Snapchat presents significant overlap in user base with TikTok, saw its shares rise by 6.1%
- Global X Social Media ETF (NASDAQ:SOCL) is also up by 1.7%.
The bill was already approved by the House of Representatives last month. Since then, it has reportedly been fast-tracked through Congress and lumped into an aid package bill for Ukraine, Israel and Taiwan.
House representatives are scheduled to vote on the package this Saturday. If approved, the legislation would force TikTok's Chinese parent company ByteDance Ltd. to divest and sell its U.S. operations or face a shutdown in U.S. soil, where 170 million people are active users.
Why It Matters: The bill ...