Here's Why Snap Is Moving

Snap Inc SNAP shares are trading higher by 6.69% to $12.44 Tuesday morning amid reports a bipartisan Senate bill to crack down on TikTok will be unveiled today.

TikTok is a peer social media platform that has garnered marked usership among young adults in the United States. Many view TikTok as a direct competitor to Snap.

What's Going On?

Our Benzinga team on Monday reported the U.S. House Foreign Affairs Committee voted last week to grant President Joe Biden the power to ban TikTok in the U.S., according to Reuters.

Additionally, Democratic Senator Mark Warner is planning on introducing a bill to “ban or prohibit” foreign technology sometime this week. Reports now indicate the bill will unveiled sometime Tuesday...Read More

According to data from Benzinga Pro, SNAP has a 52-week high of $39.80 and a 52-week low of $7.33.