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Snap soars as Pompeo talks about TikTok ban

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Snap soars as Pompeo talks about TikTok ban

U.S. Secretary of State Mike Pompeo speaks throughout a information convention on the State Division in Washington, U.S., July 1, 2020.

Manuel Balce Ceneta | Reuters

Shares of Snap soared greater than 8% Tuesday after Secretary of State Mike Pompeo stated the U.S. was contemplating banning TikTok, a Chinese language-owned social media platform. 

“We’re taking this very severely. We’re definitely taking a look at it,” Pompeo stated when requested in a Fox Information interview Monday whether or not the U.S. needs to be taking a look at banning TikTok and different Chinese language social media apps. 

India introduced final week it was banning TikTok, together with dozens of different functions.

TikTok, operated by tech big ByteDance, permits customers to create quick movies and overlay voices or music and has surged in recognition over the previous yr. In April, the app surpassed 2 billion downloads, in response to Sensor Tower. 

The banning of TikTok might present some aggressive aid to social media platforms, resembling Snapchat and Fb, Morgan Stanley’s Gross sales staff wrote Tuesday morning. 

Shares of Fb have been up 2.4% Tuesday afternoon, whereas Twitter inventory rose 3.2%.

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