"The U.S. and China have a "framework for a TikTok deal," Treasury Secretary Scott Bessent said Monday, ahead of another deadline for the TikTok ban. Meta Platforms ( META) stock and shares of other social media competitors rose Monday. TikTok remains available for Americans under a temporary reprieve from a 2024 law that bans the short-video app unless its Chinese parent company, ByteDance, divests ownership. President Donald Trump has delayed enforcement of the law on three separate occasions, most recently in June."
"Bessent said at a press conference Monday that the deal will be confirmed by Trump and Chinese leader Xi Jinping on Friday. But the U.S. did not release any specific details of the agreement. "We're not going to talk about the commercial terms of the deal," Bessent said, according to the Wall Street Journal. "It's between two private parties, but the commercial terms have been agreed upon," Trump, meanwhile, wrote on the Truth Social platform he owns that the U.S. reached a deal "on a 'certain' company that young people in our country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday." The reported deal comes as China separately announced a pair of antitrust investigations into U.S. chipmakers."
"Social media stocks that could benefit from the loss of a fast-growing competitor were largely higher on Monday. That includes Facebook and Instagram parent company Meta Platforms. Meta stock is ahead a fraction at 760 in recent action on the stock market today. Google parent and YouTube owner Alphabet ( GOOGL) is up 3.4% at 249. Google stock is getting a boost from the strong performance of its Gemini AI app over the weekend. Shares of Snapchat parent Snap ( SNAP) gained 2.3% at 7.51. Reddit ( RDDT) and Pinterest ( PINS) stock are each higher as well."
TikTok remains available to Americans under a temporary reprieve from a 2024 U.S. law that would ban the app unless ByteDance divests ownership. President Donald Trump has delayed enforcement of the law on multiple occasions. Treasury Secretary Scott Bessent said a framework deal between the U.S. and China will be confirmed by Trump and Xi Jinping, but specific commercial terms were not disclosed. Trump posted that young people would be pleased by the agreement. China simultaneously announced antitrust investigations into U.S. chipmakers. Social media rivals including Meta, Alphabet, Snap, Reddit, and Pinterest saw stock gains.
Read at Investor's Business Daily
Unable to calculate read time
Collection
[
|
...
]