BUZZ-Snap slides, Meta turns positive; US Supreme Court rules against TikTok

Updates

Shares of Instagram-owner Meta Platforms META.O up 0.3% and Snapchat-parent Snap SNAP.N down 5.2% in afternoon trading

Supreme Court upheld law banning TikTok in U.S. on national security grounds if Chinese parent co ByteDance does not sell the short-video app by Sunday

Judges unanimously ruled the law did not violate First Amendment

Analysts, however, believe Trump can save TikTok

"Trump is not gonna let TikTok go down...the competition is going to stay in place...it (TikTok) is unlikely to be shut down and therefore Meta loses its monopoly and Snap is really a non factor." — Thomas Hayes, Great Hill Capital

"It's politically untenable to completely shut off the service that 170 million people enjoy...TikTok will be here in a month..the (TikTok) CEO is going to his inauguration. That tells you everything you need to know," Hayes adds

"Trump is a fan of the app and will likely try to find a solution to this conundrum. If the new administration is successful in those efforts, there will be ongoing competition for the Metas and Snaps of the world." — Art Hogan, B. Riley Wealth

(Reporting by Akash Sriram and Rishi Kant in Bengaluru)

((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))