Snap, Twitter Jump After Pompeo Says U.S. Considers TikTok Ban
Investing.com
Published Jul 07, 2020 01:30PM ET
Updated Jul 07, 2020 04:07PM ET
By Christiana Sciaudone
Investing.com -- Snap Inc . (NYSE:SNAP) jumped 7% Tuesday to a record after word that rival TikTok may face a U.S. ban.
Chinese social media apps may be prohibited in the U.S., Secretary of State Mike Pompeo said on Fox News.
"With respect to Chinese apps on people's cell phones, I can assure you the United States will get this one right too," he said. "I don't want to get out in front of the president, but it's something we're looking at."
Snap shares settled back in late afternoon trading, closing up 5.9%, to $24.81. Twitter Inc . (NYSE:TWTR) closed up 2.1%, and Facebook Inc . (NASDAQ:FB) closed up 0.2%.
People should only download the app "if you want your private information in the hands of the Chinese Communist Party,” Pompeo said.
TikTok defended the company, saying it is led by a U.S. CEO and hundreds of employees and key leaders in safety, security, product and public policy located in the U.S., CNN said, citing a spokesperson.
“We have never provided user data to the Chinese government, nor would we do so if asked," the spokesperson said.
TikTok from ByteDance has been downloaded more than 2 billion times globally on the App Store and Google (NASDAQ:GOOGL) Play, according to Sensor Tower Store Intelligence estimates.
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