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TikTok has been under a lot of pressure lately due to allegations that user data has been transferred to China. So much so that places like the US,
TikTok has been under a lot of pressure lately due to allegations that user data has been transferred to China. So much so that places like the US, Canada, European Union, UK, and New Zealand have banned the use of the popular platform on official phones.
Today, TikTok CEO Shou Zi Chew was called upon to testify in the US Congress on this issue. A report was published today, while the platform is likely still facing a ban in the US. The analysis by research agency Bernstein shows that the possible ban to other tech giants make predictions about its impact.
According to Bernstein’s analysis, if TikTok faces a widespread ban in the US, three US tech companies $431 billion can reach huge market value. Also these companies; The umbrella company of Google AlphabetSnapchat’s umbrella company snaps and the parent company of platforms such as Instagram, WhatsApp and Facebook meta.
The analysis predicts that if the US continues to take steps against TikTok, there could be big jumps in the shares of these companies. Accordingly, Alphabetin, the owner of YouTube Shorts, a service similar to TikTok, will decide whether to ban its shares. 20% could increase. In a similar situation, Reels owns Metas 30% of raise as Snap, owner of Snapchat Spotlight service up to 50% until a jump is visible.
These earnings are also for Alphabet, Meta and Snap respectively. $276 billion, $155 billion and $9 billion It is stated that it will represent an increase in market value. All three stocks were up 3%, as TikTok testified in Congress today. According to Forbes, Bernstein’s analysis is based on data from previous bans in China and India. Let’s add that the data here is all based on Bernstein’s analysis, not any investment advice.
In addition, Dan Ives, an analyst at investment bank Wedbush, also stated yesterday that the TikTok ban could benefit Snap and Meta. Moreover; stressed that the ban could have a broad impact on the technology sector and said China-US will increase the voltage he said.
As we said at the beginning, TikTok CEO Shou Zi Chew is testifying today in the US Congress about growing suspicions and the possibility of a ban. While the CEO’s statement is still pending, officials are criticizing the platform and asking some questions.
Chew stated that they take national security concerns seriously, while saying that TikTok’s parent company ByteDance is not controlled by the Chinese government. And also that they do not collect and sell more data than other tech giants argued. Chew said they want to be transparent and added that he did not meet with the Chinese government during the CEO process. The 40-year-old CEO continues to answer questions about the platform’s data usage.
Source: Web Tekno
Alice Smith is a seasoned journalist and writer for Div Bracket. She has a keen sense of what’s important and is always on top of the latest trends. Alice provides in-depth coverage of the most talked-about news stories, delivering insightful and thought-provoking articles that keep her readers informed and engaged.
