officials worry the Chinese government could access data from American users. TikTok executives have said about 60% of ByteDance shares are owned by investors, 20% by employees and 20% by its founders, who hold outsize voting rights. commerce secretary to block foreign technologies like TikTok. Last week, Biden and a dozen senators from both sides of the aisle backed a bill that would allow the U.S. TikTok chief executive Shou Zi Chew is due to appear at a hearing held by the House Energy and Commerce Committee on March 23. “This move would also significantly increase US/China tensions with the brewing Cold Tech War playing out across the software and chip ecosystem with investors watching with a close eye.” “If TikTok and ByteDance decided to fight this and potentially get banned in the US, the clear beneficiaries of this would be Snapchat and Meta/Facebook,” Wedbush analyst Dan Ives wrote in a late Wednesday note to clients. Were ahead about 7% in premarket trading Thursday, while shares of Facebook-parent Meta Platforms Inc. Nonetheless, the prospect of a TikTok ban appeared to be helping those social-media stocks. Read: Could Congress actually ban TikTok in the U.S.? Analysts see ‘procedural and practical hurdles’ thru 2024.” He titled his note to clients: “No ‘Goodbye TikTok’ Party for META and SNAP Anytime Soon.” user data and systems, with robust third-party monitoring, vetting, and verification, which we are already implementing.”īenchmark analyst Mark Zgutowicz wrote Thursday that he saw “a low probability of any formal TikTok ban in the U.S. “The best way to address concerns about national security is with the transparent, U.S.-based protection of U.S. “If protecting national security is the objective, divestment doesn’t solve the problem: a change in ownership would not impose any new restrictions on data flows or access,” TikTok spokesperson Maureen Shanahan said in a statement Wednesday night.

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