🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Trump to reportedly try to halt TikTok ban, Snap falls

Published 11/12/2024, 12:20 PM
Updated 11/12/2024, 12:22 PM
© Reuters.  Trump to reportedly try to halt TikTok ban, Snap falls
SNAP
-

President-elect Donald Trump is reportedly considering steps to halt a looming U.S. ban on TikTok, a move he promised to support during his campaign, according to The Washington Post.

The news has resulted in a more than 5% decline in Snap's (SNAP) share price on Tuesday.

TikTok faces a January 19 deadline for its Chinese parent company, ByteDance, to sell its U.S. operations or face a ban under legislation that received bipartisan support earlier this year.

This would mean TikTok’s future could hinge on Trump’s second term in office, where he may work to keep the platform accessible to its millions of U.S. users.

According to The Washington Post, Trump views TikTok as an asset, especially after amassing over 14 million followers on the platform.

The publication says Kellyanne Conway, a longtime Trump ally, noted Trump’s intent to avoid alienating “180 million U.S. users” and described TikTok’s presence as central to Trump’s appeal, as he values the app’s reach for political messaging.

If ByteDance does not meet the divestment deadline, Trump could explore options to delay or even cancel the ban. One way would be to leverage his administration’s authority to extend the deadline by 90 days if there is “significant progress” towards a sale, said The Washington Post.

The Washington Post added that legal experts have suggested Trump could also encourage Congress to repeal the legislation altogether or influence his attorney general not to enforce it.

Despite his earlier stance supporting a TikTok ban over national security concerns, Trump’s softened view reflects his appreciation for the platform’s political potential.

Still, the issue remains controversial, especially among Republicans wary of potential Chinese government influence through the app. However, Trump’s apparent shift could indicate a major policy change regarding TikTok’s presence in the U.S.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.