06:29:58 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Meta CDR (CAD Hedged)
Symbol META
Shares Issued 6,000,000
Close 2024-03-15 C$ 27.20
Market Cap C$ 163,200,000
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Globe/wire say Meta, rivals may benefit from TikTok ban

2024-03-18 07:27 ET - In the News

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The Globe and Mail reports in its Saturday, March 16, edition that companies that use TikTok to advertise to young audiences are making plans with other social media platforms in case the app is banned or sold in the United States, but they are waiting for the Senate to take action before making any changes to their advertising budgets. A Reuters dispatch to The Globe reports that House Republicans voted Wednesday to force ByteDance to sell TikTok in about six months, or face a ban, one of the most significant challenges to the company that has long faced questions about national-security concerns. The White House has urged the Senate to pass the bill and President Joe Biden has pledged to sign it. Meta's Reels and YouTube's Shorts, TikTok's biggest rivals, are set to be the beneficiaries of advertising budgets if the app is banned. TikTock has said it will exercise its legal rights to prevent a ban, which it says would "take billions of dollars out of the pockets of creators and small businesses." Insider Intelligence analyst Jasmine Enberg says, "The momentum around this legislation is greater than in previous national efforts to curtail or sell off TikTok, and advertisers are keeping a sharp eye on developments."

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