BUZZ-Social media stocks fall after report Trump considers suspending TikTok ban
Shares of social media firms fall premarket
U.S. President-elect Donald Trump is considering suspending the enforcement of the TikTok sale-or-ban law for 60 to 90 days, the Washington Post reported on Wednesday
Instagram-parent Meta Platforms META.O fell 1.5%, YouTube-owner Alphabet GOOGL.O down 1.31%, Image-sharing platform Pinterest PINS.N slipped 0.5% and Snapchat-owner Snap SNAP.N dropped 3.12%
President Joe Biden had signed a law in April banning TikTok and is the first time the United States has attempted to shut down access to an app with such a large user base - roughly 170 mln domestic users, according to Bernstein analysts and about $20 bln of estimated rev in 2025
Separately, the New York Times reported on Wednesday TikTok CEO Shou Zi Chew plans to Trump's inauguration on Jan. 20
(Reporting by Sanchayaita Roy in Bengaluru)
((Sanchayaita.Roy@thomsonreuters.com))
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