Snap and Meta reached up after the FCC commissioner counted that the U.S. should refuse TikTok

Snap and Meta reached up after the FCC commissioner counted that the U.S. should refuse TikTok

November 3, 2022: -Shares of U.S. colonial media companies Snap and Meta spiked on the news that a Federal Communications Commissioner added the U.S. government should ban TikTok.

“I don’t believe there is a path mostly for anything over a ban,” Republican Commissioner Brendan Carr says to Axios in a discussion.

Snap shares increased 3.4%, and Meta shares were up 2.2% Tuesday.

The statements from Carr, one of four existing commissioners at the Democrat-led agency, do not necessarily signal which is pending actions against TikTok.

Brendan Carr, FCC Commissioner, talks at the State of the Net Conference.

The Committee on Foreign Investment in the U.S. (CFIUS) in the Treasury Department reviews the firm’s potential national security implications, which a Chinese company, ByteDance, gives its ownership. And the Department of Justice is leading negotiations over a security deal, The New York Times informed in September.

Concerns over TikTok’s possible security risks are generally bipartisan. Both the Trump and Biden administrations have expressed concerns and reviewed the company’s relationship with its Chinese owner. TikTok has maintained that it keeps U.S. user data outside of China so that it would not have to turn over that data to the government, but U.S. officials have defended their skepticism.

“Commissioner Carr has zero in the personal discussions with the U.S. administration relating to TikTok and appears to view independent of his role as an FCC commissioner,” a TikTok spokesperson said in a statement.

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Snap and Meta reached up after the FCC commissioner counted that the U.S. should refuse TikTok