Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iran's judiciary says 71 killed in Israeli strike on Evin Prison
Trump: Make the deal, get the hostages back
Al Mayadeen's correspondent: 67 Palestinians were martyred in 24 hours in the Israeli aggression on the Gaza Strip
Israeli media: For the first time, Prime Minister Netanyahu is signaling that he wants to end the war on Gaza
Israeli Channel 12, citing an American source: We want to have entered a path toward captive release and a ceasefire before Netanyahu arrives in Washington
Lebanese Ministry of Health: One martyr and two injured in the Israeli airstrike that targeted a motorcycle in the town of Mahrouna
Al Mayadeen correspondent to Southern Lebanon: An Israeli drone strike targeted a vehicle between the towns of Jwayya and Mahrouna.
Al Mayadeen's correspondent in South Lebanon: One martyred in the Israeli drone strike on a car in the town of Kawnin
Al Mayadeen's correspondent in South Lebanon: Israeli drone targets a car in the town of Kawnin
Naeini: If our national interests are attacked again, our response this time will be stronger and more destructive

TikTok ban in US; News worth $431bn for Alphabet, Meta and Snap

  • By Al Mayadeen English
  • Source: Agencies
  • 24 Mar 2023 19:17
  • 3 Shares
5 Min Read

The three US tech giants will witness a stock surge as Americans scramble to find platform alternatives to fulfill desired needs.

  • x
  • TikTok ban in US; News worth $431bn for Alphabet, Meta and Snap
    Phone screen showing apps of US social media giants Meta's Facebook and Instagram and Alphabet's YouTube, in addition to Twitter surrounding Chinese app TikTok (Reuters)

The banning of TikTok in the US could leave a market worth around $431 billion to be tapped by three American tech giants as Washington's pressure mounts over the social media app, a Bernstein report revealed on Thursday, according to a report by Forbes.

Bernstein, a wall street private wealth management company, informed its clients that prohibiting ByteDance's TikTok in the country will skyrocket the stock prices of Alphabet, Meta, and Snap, as social media users will scramble to find another platform to fill their needs. “Who wins? Everyone,” Bernstein said its note referring to the three American corps.

Read more: TikTok seeks to ease European concerns over data security issues

According to the financial institute, shares of YouTube's parent Alphabet could soar up to 20% accounting for almost $267 billion in market value, while Meta's Instagram share could increase by around 30% at $155 billion and Snap's by up to 50% representing a $9 billion market gain.

Earlier this week, the shares of the tech trio jumped between 2% and 3% - almost $40 billion between them - as TikTok fought against US pressure to sell the platform and distance itself from its current owner, Chinese tech giant ByteDance. TikTok's CEO also testified before Congress to refute the US' allegations of how the platform handles data of American users and the Chinese government's access to these data.

Shou Zik Chew, TikTok CEO, faced relentless questioning from US lawmakers who plan to ban the video-sharing platform in the United States claiming that it gathers user data and transfers them to the Chinese government; the US speaks of the alleged ties between China and how it poses danger to teens.  "ByteDance is not owned or controlled by the Chinese government and is a private company," Chew told lawmakers. 

"We believe what's needed are clear transparent rules that apply broadly to all tech companies -- ownership is not at the core of addressing these concerns," he added.

Investment firm Wedbush said on Wednesday that Meta and Snap are the “clear beneficiaries” of a TikTok shutdown, also adding that the ban will result in a ripple effect across the tech industry, “significantly increas[ing] US/China tensions with the brewing Cold Tech War playing out across the software and chip ecosystem.”

Read more: US Federal agencies have 30 days to put TikTok ban into effect

Many have questioned #Washington's obsession with the issue, saying that the policy is aimed at distracting the public. pic.twitter.com/nLj0oTjy0W

— Al Mayadeen English (@MayadeenEnglish) March 1, 2023

Related News

Trump: 'Make the deal in Gaza; get the hostages back'

Musk blasts Trump’s spending bill advanced by GOP-controlled Senate

- No evidence just accusations -

China reiterated on Friday that it does not ask companies to hand over information gathered overseas, as Chinese-owned Tiktok faces a potential nationwide ban in the United States. 

China "has never and will not require companies or individuals to collect or provide data located in a foreign country, in a way that violates local law," Foreign Ministry Spokesperson Mao Ning told a regular briefing. The Chinese government "attaches great importance to protecting data privacy."

"The US government has so far not provided any evidence that TikTok poses a threat to its national security, but instead has repeatedly made presumptions of guilt and unreasonable suppression" against the company, Mao added.

A US newspaper claimed earlier that the sale of ByteDance was put through by the Biden administration’s Committee on Foreign Investment in the US (CFIUS) - a multi-agency federal task force responsible for national security risks in cross-border investments.

In response, TikTok spokesperson Brooke Oberwetter released a statement that a coerced sale would exacerbate the tensions regarding the deemed security risk and vowed to invest $1.5 billion in a  program intended to protect American user data from access by the Chinese government.

Beijing has categorically rejected western accusations of potential cyber-attacks on government devices. 

According to the Chinese Foreign Ministry, the US has overstretched the concept of national security and abused state power to quash foreign businesses. 

On March 1, the White House provided federal agencies a period of 30 days to remove TikTok on all federal devices. In response to the move, Chinese Foreign Ministry Spokesperson Mao Ning on Tuesday said, "We firmly oppose those wrong actions."

The big picture

In December 2022, following "concerns" from the FBI director and cybersecurity experts that China may exploit the social media platform, TikTok, for allegedly spying on US citizens, Senator Marco Rubio, the top Republican on the Senate Intelligence Committee, and a bipartisan pair of congressmen in the House proposed a bill that would prohibit TikTok in the United States.

The bill, according to the statement, would "protect Americans by blocking and prohibiting all transactions from any social media company in, or under the influence of, China, Russia, and several other foreign countries of concern." The bill will also explicitly designate TikTok and its parent company, ByteDance, as social media firms for the purposes of the legislation.

The US actions contrast with the protracted discussions that TikTok has had with the US government for years over a potential agreement that may enable the company to handle national security issues and to continue providing services to US consumers.

Read more: European Parliament to ban TikTok from staff phone devices - reports

  • United States
  • social media
  • US
  • Alphabet
  • TikTok ban
  • Snapchat
  • TikTok
  • Meta

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025
The site of a direct missile strike launched from Iran in Tel Aviv on Sunday, June 22, 2025. (AP)

Op. True Promise 3, wave 21: Multi-warhead missiles rain on 'Israel'

  • Politics
  • 23 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
In this June, 12, 2021, file photo, former Secretary of Iran's Supreme National Security Council Ali Shamkhani sits in a meeting in Tehran, Iran.
Politics

Iran strategically foiled Israeli-US scheme, Advisor Shamkhani says

Sheikh Naim
MENA

Let no one think they can subjugate Hezbollah: Sheikh Qassem

Screengrab from a video published by the al-Qassam Brigades shows confrontations with the Israeli occupation forces in Gaza, undated (Al-Qassam Brigades Military Media)
Politics

Al-Qassam releases video of deadly ambush with Israeli forces in Gaza

International Atomic Energy Agency (IAEA) Director General, Rafael Grossi, attends an IAEA Board of Governors meeting in Vienna, Austria, Monday, June 23, 2025 (AP)
Politics

Iran bars IAEA chief Grossi from nuclear facility inspections

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS