The Supreme Court’s signaling it may uphold a ban on TikTok, the wildly popular shortform video social media app, sent shockwaves through the stock market Friday, boosting shares of companies behind rival platforms and hitting hard one key TikTok partner.
Read the full story on Forbes: https://www.forbes.com/sites/dereksaul/2025/01/10/meta-stock-rallies-oracle-slides-as-market-reacts-to-tiktok-ban-hearing-at-supreme-court/
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Read the full story on Forbes: https://www.forbes.com/sites/dereksaul/2025/01/10/meta-stock-rallies-oracle-slides-as-market-reacts-to-tiktok-ban-hearing-at-supreme-court/
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LifestyleTranscript
00:00The Supreme Court signaled it may uphold a ban on TikTok, the wildly popular short-form
00:05video social media app, boosting shares of companies behind rival platforms and hitting
00:10hard one key TikTok partner.
00:13The Supreme Court heard oral arguments Friday in TikTok's appeal against a law requiring
00:18its private Chinese parent company ByteDance to divest its TikTok holdings or face a U.S.
00:2519th, and several justices cast doubt on the legitimacy of TikTok's argument.
00:32In an otherwise down day for U.S. stocks, two of the biggest stock gainers were a pair
00:36of American social media companies behind other short-form video platforms in Snapchat
00:41parent Snap, which owns TikTok competitor Spotlight, and Meta, which operates TikTok
00:46rival Instagram Reels.
00:50Snap stock gained 4% by close, notching its highest intraday share price since August
00:551, while shares of the much larger Meta rallied 1%.
01:00Friday was a tough day for perhaps TikTok's most notable American collaborator, software
01:05giant Oracle, whose stock tanked 5%, the worst daily loss of any of the U.S.'s 40-megacap
01:11companies worth at least $200 billion.
01:16Oracle, which hosts the U.S. data of TikTok, cautioned in July its earnings would take
01:21a hit if TikTok got banned.
01:24Oracle's co-founder and chairman Larry Ellison was the biggest billionaire loser Friday,
01:29as his net worth tanked $10 billion.
01:33ByteDance last fetched a $220 billion valuation in a 2023 funding round, and valued itself
01:39internally at $300 billion in November, according to Reuters, which would make it the world's
01:44second most valuable private company, trailing only SpaceX, which valued itself at $350
01:50billion in an internal share sale last month, Bloomberg reported.
01:55For more on this story, check out Derek Saul's article in the link in the description.