Shares of Meta and Snap are trading higher after the US Senate passed a bill under which ByteDance would need to divest TikTok or the app will face a ban.
Portfolio Pulse from Benzinga Newsdesk
Shares of Meta Platforms, Inc. (META) and Snap Inc. (SNAP) are trading higher following the passage of a US Senate bill requiring ByteDance to divest TikTok or face a ban of the app.
April 24, 2024 | 10:20 am
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POSITIVE IMPACT
Meta Platforms, Inc. (META) shares are up following the US Senate's decision, potentially reducing competition from TikTok.
The bill's passage is likely to benefit Meta by reducing competitive pressures from TikTok, potentially improving Meta's market position and user engagement across its social media platforms.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Snap Inc. (SNAP) shares are trading higher as the US Senate bill could limit TikTok's market presence, benefiting Snap.
The legislative move against TikTok could decrease its competitive threat to Snap, possibly leading to higher user engagement and advertising revenue for Snap.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90