Social names rise as lawmakers push bipartisan TikTok ban legislation
Sean Gallup

Meta Platforms stock (NASDAQ:META) has found a new leg higher - up 6.2% - as Sen. Marco Rubio presses forward with his effort to get Chinese-owned TikTok (BDNCE) banned in the United States.
Rubio's gotten Democratic Rep. Raja Krishnamoorthi to join in an effort with himself and GOP Rep. Mike Gallagher to introduce legislation to ban the app, which is owned by China's ByteDance (BDNCE). Rubio has introduced the measure in the Senate, and Gallagher and Krishnamoorthi in the House.
The so-called ANTI-SOCIAL CCP Act 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," Rubio said.
"This isnât about creative videos â this is about an app that is collecting data on tens of millions of American children and adults every day," Rubio said. "We know itâs used to manipulate feeds and influence elections. We know it answers to the Peopleâs Republic of China. There is no more time to waste on meaningless negotiations with a CCP-puppet company. It is time to ban Beijing-controlled TikTok for good.â
Also seeing a spike off the news was Snap (NYSE:SNAP), +3.3%. Pinterest (NYSE:PINS) was already on a high Tuesday after a Piper Sandler upgrade and is +11.8%.
Rubio and Gallagher went after banning TikTok and suggested the legislation was coming a month ago in a Washington Post op-ed.