Snap Stock Falls As Microsoft Considers TikTok Acquisition
Summary
Snap stock fell Monday after Microsoft (MSFT) announced that it is interested in acquiring the U.S. operations of China-based social media company TikTok. President Donald Trump has threatened to close the U.S. market to TikTok amid security concerns if its Chinese owner, ByteDance, doesnt divest its U.S. business. On Sunday, Microsoft revealed that Chief Executive Satya Nadella had a conversation with President Trump about TikTok. Microsoft said it would build upon the TikTok service that users love by adding world-class security, privacy and digital safety protections. TikTok runs a popular video-sharing mobile app that competes with Snapchat from Snap and Instagram from Facebook (FB).
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