Senator Mark Warner has conveyed that a cross-party group of 12 U.S. senators will introduce legislation today giving the U.S. Secretary of Commerce new authority to impose a complete ban on TikTok, owned by privately held Chinese conglomerate ByteDance.
- In recent years, TikTok's policies have repeatedly attracted the attention of U.S. regulators, citing privacy and data processing issues. The discussion of a viable ban on the platform comes as relations between Washington and Beijing have cooled again following incidents involving a Chinese balloon and an American visit and sale of hundreds of millions of dollars worth of F-16 munitions to Taiwan;
- Potentially, the TikTok ban will increase U.S. market share for rival platforms especially Snap (SNAP.US), Meta Platforms (META.US) and Alphabet (GOOGL.US), which could benefit the stocks of these companies.
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Open account Try demo Download mobile app Download mobile appSnapchat (SNAP.US), Meta Platforms (yellow color) and Alpahbet (purple color) stocks, D1 interval. Source: xStation5
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