Snap Inc (NYSE:SNAP) shares are trading higher by 3.53% to $10.26 going into the close of Tuesday’s session. Shares of social media companies are trading higher after the FCC commissioner called for TikTok to be banned.
What Else?
Per the Axios interview, FCC commissioner Carr highlighted concerns about U.S. data flowing back to China and the risk of a state actor using TikTok to covertly influence political processes in the United States.
The Axios interview with Carr goes on to report there simply isn’t “a world in which you could come up with sufficient protection on the data that you could have sufficient confidence that it’s not finding its way back into the hands of the [Chinese Communist Party],” Carr said.
Meanwhile, a TikTok spokesperson told Axios in a statement that “Commissioner Carr has no role in the confidential discussions with the U.S. government related to TikTok and appears to be expressing views independent of his role as an FCC commissioner”.
Snap has a 52-week high of $57.14 and a 52-week low of $7.33.
