Why did Snap shares surge almost 10% Monday? The possibility of TikTok being gone
$Snap Inc(SNAP.US$ shares climbed nearly 10% Monday as the social-media company benefitted from reports that support for ban on TikTok in the U.S. has gained steam in Congress.
On Sunday, Sen. Mark Warner [D.-Virginia], said in an interview on Fox News that he intends to introduce legislation this week that would allow the banning of certain Chinese technologies in the U.S., including TikTok, the popular and controversial social-video app, owned by $ByteDance(FT0001$
On Sunday, Sen. Mark Warner [D.-Virginia], said in an interview on Fox News that he intends to introduce legislation this week that would allow the banning of certain Chinese technologies in the U.S., including TikTok, the popular and controversial social-video app, owned by $ByteDance(FT0001$
Volume in Snap was more than twice the stock's dailiy average, as more than 76M shares of Snap traded hands by the closing bell. The company typically averages 31.4M shares exchanged on a daily basis.
The sentiment among investors centered around Snap benefitting from possibly losing a top rival in the market for short-form videos that have turned TikTok from a fad into on of the leaders in the social-media sector.
As Snap shares surged, other social-media stocks put in a mixed performance on the TikTok reports. $Pinterest(PINS.US$ shares edges up by 1%
As Snap shares surged, other social-media stocks put in a mixed performance on the TikTok reports. $Pinterest(PINS.US$ shares edges up by 1%
$Meta Platforms(META.US$ slipped by 0.2%.
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