Zinger Key Points
- Donald Trump made comments in support of TikTok on Tuesday.
- Biden previously signed a law that gives ByteDance an option to divest in TikTok's US assets before mid-January or face a ban.
- Get New Picks of the Market's Top Stocks
Snap SNAP and Meta META shares are trading lower Wednesday morning following Donald Trump‘s comments in support of TikTok. These comments after Joe Biden signed a divest-or-ban law earlier this year.
What Happened: The former president told Bloomberg Businessweek in an interview on Tuesday, “I’m for TikTok because you need competition. If you don’t have TikTok, you have Facebook and Instagram.”
During his presidential term, Trump attempted to ban TikTok. The move, however, was later blocked by the courts. Also, in 2021, Joe Biden revoked multiple executive orders created by Trump to ban the app.
Biden later signed a law that gives the company an option to divest in TikTok’s US assets before mid-January or face a ban. Currently, ByteDance, TikTok’s parent company, is challenging this law in court.
Related Link: A Closer Look at Super Micro Computer’s Options Market Dynamics
Price Action: At the time of writing, Snap shares are trading 5.48% lower at $15.26 and Meta shares are trading 3.58% lower at $472.25 per data from Benzinga Pro.
Image: 802298 from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
