TikTok CEO Shou Zi Chew Testifies Before Congress to Defend the China-Based App’s Data Privacy Amid Calls For TikTok Ban
Here’s what’s happening Now:
- TikTok CEO grilled on Chinese control of site’s content
- Questions zero in on user-data access, the danger posed to kids
- Singapore-born Chew downplays TikTok’s connection to China
- Lawmakers from both parties give scathing critiques of the app
TikTok CEO is currently in Washington begging the government not to ban the Chinese app. But in China, every single American social media platform is banned. A TikTok ban in the United States would be major good news for these 3 companies.
Right now, Twitter has a lot to say on the discussion:
Watching the TikTok CEO testify before congress is wild. They’re just allowed to accuse and say what they want and then not let him respond and move on to the next person. What’s the point?
— Hallie M. (@pockkets_) March 23, 2023
Shares of YouTube Shorts parent Alphabet could jump as much as 20% should TikTok users need to flock to a replacement for their social media fix, shares of Instagram Reels parent Meta could be in line for as much as a 30% gain and shares of Snapchat Spotlight parent Snap could surge as much as 50%, according to Bernstein forecasts, using price-to-earnings multiple data for companies who benefitted from similar previous bans in China and India as a guide.
Disclaimer: Wealthy VC does not hold a position in any of the stocks mentioned in this article.