Watching Shares Of Social Media Stocks; Traders Circulate Report From ArsTechnica Saying "TikTok Is Now Disputing A Reuters Report That Claims The Short-Video App Is Cloning Its Algorithm To Potentially Offer A Different Version Of The App, Which Might Degrade Over Time, Just For U.S. Users."
Portfolio Pulse from Benzinga Newsdesk
Traders are closely watching Snap Inc. as TikTok disputes a Reuters report claiming it is cloning its algorithm to offer a potentially degraded version of the app for U.S. users.
May 31, 2024 | 6:30 pm
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Snap Inc. is being closely monitored by traders following a report that TikTok is disputing claims of creating a potentially degraded U.S.-only version of its app.
If TikTok were to create a degraded version of its app for U.S. users, it could potentially benefit Snap Inc. by reducing competition. However, TikTok's dispute of the report adds uncertainty, but the market is likely to react positively to any potential competitive advantage for Snap.
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