The U.S. Supreme Court has upheld a decision to ban Tik-Tok, setting ByteDance up for a very eventful weekend. January 19 (i.e., Sunday) marks the deadline by which the company must either sell off the portion of its business responsible for operating in the U.S., or cease operations there altogether.
According to the rationale for the decision, the court decided that requiring ByteDance to spin off part of its business is related to the need to maintain national security. Thus, the decision, according to the court, is constitutional.
Under the provisions of the TikTok ban, additional penalties will be imposed on service providers such as Google and Apple if they continue to offer in-app downloads on their devices.
From a market perspective, the potential withdrawal of the Chinese platform from the US market will benefit other well-known social media platforms, to which some users are likely to switch. In particular, the companies in question are: Meta, Pinterest, or Snap.
Meta continues its strong upward trend, started after a stronger discount in April.Source: xStation
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