Snap shoots up as Pompeo talks about TikTok ban –

Snap shoots up as Pompeo talks about TikTok ban

U.S. Secretary of State Mike Pompeo speaks during a press conference at the State Department in Washington, USA, July 1, 2020.

Manuel Balce Ceneta | Reuters

Snap’s shares soared more than 8% on Tuesday after Secretary of State Mike Pompeo said the United States was considering banning TikTok, a Chinese-owned social media platform.

“We are taking this very seriously. We are certainly looking at it,” Pompeo said when asked in a Fox News interview on Monday whether the United States should consider banning TikTok and other Chinese social media applications.

India announced last week that it was banning TikTok, along with dozens of other applications.

TikTok, operated by tech giant ByteDance, allows users to create short videos and overlay vocals or music, and has grown in popularity over the past year. In April, the app topped 2 billion downloads, according to Sensor Tower.

The TikTok ban could provide competitive relief to social media platforms such as Snapchat and Facebook, the Morgan Stanley sales team wrote Tuesday morning.

Facebook shares rose 2.4% on Tuesday afternoon, while Twitter shares rose 3.2%.

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