A government TikTok ban became closer to a reality on Tuesday as a group of senators introduced the Emergence of Security Threats that Risk Information Communications Technology Act, also known as the RESTRICT Act. The bill would allow the government to clamp down on TikTok usage in the United States. Without the emerging social media platform TikTok as a competitor, Meta (META), Alphabet (GOOGL) Snap (SNAP) could all see positive tailwinds for their business, according to Evercore ISI’s Director & Head of Internet Research Mark Mahaney. Snap and Meta have seen their stock prices tumble over the past year for a variety of reasons, but expert's have pegged TikTok's competition as a key challenge for both businesses. But Mahaney notes the mere presence of TikTok has forced the social media companies to innovate already. Functions created amid the rise of TikTok, such as Instagram Reels and Youtube Shorts, have been chasing could help push further growth regardless of if the ban takes place. Above, Mahaney joins Yahoo Finance's Seana Smith and Dave Briggs to discuss the companies best positioned to benefit from further TikTok scrutiny.
(Source: Yahoo Finance), all rights reserved by original source.
TikTok ban: New bill could be 'win' for social media stocks: Evercore's Mark Mahaney
Yahoo Finance · 14 Mar 80 Views