Snap stock surges on report that Biden may ban TikTok – CNBC

Co-founder and CEO of Snap Inc. Evan Spiegel attends the Viva Technology conference dedicated to innovation and startups, at the Porte de Versailles exhibition center in Paris, France June 17, 2022.Benoit Tessier | ReutersShares in social media companies Snap and Meta jumped in after-hours trading on Wednesday after the Biden administration was reported to be considering banning TikTok in the U.S. unless Chinese tech giant ByteDance divests its stake.Snap shares surged nearly 7% while Meta shares rose more than 2% 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.Both Snap and Meta face fierce competition for user attention from TikTok, and have introduced their own short-form video products to compete. In 2023, adults in the U.S. are predicted to spend an average of 55.8 minutes per day on TikTok, versus 30.8 minutes on Snapchat, 30.6 minutes on Meta-owned Instagram, and 30.2 minutes on Meta-owned Facebook, according to research from Insider Intelligence.Last week, the White House voiced support for a recent Senate bill that would grant the Biden Administration the ability to ban TikTok in the U.S.U.S. lawmakers have expressed concern that TikTok, by virtue
Read More