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Last Friday, the U.S. federal appeals court upheld a law against Chinese-based ByteDance. ByteDance owns the highly popular social networking app TikTok.
The court ruled that ByteDance must divest TikTok in the U.S. by early next year. Otherwise, it faces a ban. If that happens, it would have an impact on the 170 million Americans who use the app.
Meta Platforms (META) jumped by 2.44% on Dec. 6, 2024, closing at $623.77. Expect shares to rise further in the next month.
Although the stock trades at a premium, Snap stock rose on the news. Shares have been on an uptrend, ever since bottoming at $8.29 in August.
Pinterest (PINS) is a compelling trade, too. TikTok users may migrate to the site after the ban.
KKR (KKR), Susquehanna, and Sequoia are investors in ByteDance. Although the divestiture is a setback for KKR, the asset management firm remains an attractive investment.
Neither Apple (AAPL) nor Alphabet’s (GOOG) Google may offer TikTok unless ByteDance divests TikTok. Google does not need TikTok to grow, as it pivots its business toward artificial intelligence. Apple, however, is falling behind the AI race.
AAPL stock closed near a 52-week high. However, if iPhone 16 sales growth slumped, investors may sell shares to take profits.
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