Meta, Snap Shares Surge on Report of TikTok

Shares for Snap ($SNAP@US) and Meta ($META@US) surged in after-hours trading on Wednesday following a report that the Biden administration was considering banning TikTok in the U.S. unless Chinese tech giant ByteDance divests its stake. Snap rose 7 percent, and Meta rose 2 percent. TikTok is a fierce rival for Snap and Meta, which owns Facebook and Instagram. U.S. lawmakers are concerned that TikTok, which is owned by the Chinese company ByteDance, poses a national security threat. Last week, the White House voiced support for a recent Senate bill that would grant the Biden Administration the ability to ban TikTok in the U.S.