Shares of Meta Platforms Inc. and Snap Inc. rose over 2% on Friday afternoon after a U.S. appeals court upheld a potential ban on TikTok. The court rejected a petition from TikTok and its users that claimed the ban, or a forced divestment of the platform by its Chinese parent ByteDance, infringed on free speech rights. The ban could take effect as early as Jan. 19, 2025, but TikTok plans to appeal the ruling to the U.S. Supreme Court, which could delay its implementation. The U.S. government has raised concerns for years about TikTok’s data collection practices, while TikTok asserts it has invested billions to secure user data. The news sparked gains for both Meta and Snap, but retail sentiment diverged. Meta faced ‘bearish’ levels on Stocktwits, with some users doubting the sustainability of the current rally, with the stock hitting yet another fresh high on Friday. Some skepticism arose from comments made by President-elect Donald Trump during his campaign, where he hinted at a softer stance on TikTok despite pushing for restrictions in his earlier presidency. Snap, on the other hand, saw a surge in ‘bullish’ sentiment, with investors optimistic about its ability to capitalize on TikTok’s potential exit from the U.S. market. TikTok, which has 170 million active users in the U.S., is a major platform for free expression and income generation for many creators. However, Congress and successive administrations have argued that removing TikTok from Chinese control is essential for national security. If enforced, the ban could shift user engagement and advertising revenue to competitors like Meta’s Instagram Reels and Snap’s Spotlight. In a separate development, Meta CEO Mark Zuckerberg announced updates to the company’s AI initiatives, unveiling the Llama 3.3 70B text model and plans for a massive 2GW+ data center to support future AI developments. Meta’s AI products now have nearly 600 million monthly active users, contributing to the company’s record-high stock performance, which has surged 77.29% year to date. Snap, despite Friday’s rise, remains 85% below its mid-2021 pandemic-era highs. While Meta’s stock sizzles, speculation about a potential stock split grows, with a Stocktwits poll showing 49% of retail users expecting an announcement by 2025. For updates and corrections, email newsroom[at]stocktwits[dot]com.<
1 2 Kolkata: Asked about succession in the party and the senior-junior debate, Bengal CM Mamata Banerjee on Friday said that Trinamool seniors would collectively decide on her successor and it was not about what she believed, but "what the party collectively believed". Speaking about the RG Kar issue, the CM said the protests were political and people realised it later. In an interview to TV channel News 18 Bangla, Banerjee said: "The party will decide the successor. TMC does not belong to one person. No party can survive without its workers." "I don't believe in egoism. We have to move forward together. If I say I'll make decisions alone that would be arrogance," she added and said one needs both seniors and juniors in a political party. Asked about RG Kar protests, Banerjee said: "People initially did not understand that the protests were political but they soon realised the real nature of protests. I have no issue with a political movement. It is one's democratic right to protest. But it was a planted game. Not all who participated understood it. Not all who participated were a part of the game, either." Banerjee said she had sought a month from the victim's parents to ensure justice. "Maybe they were advised by someone against it," she said. The CM said a probe — on how some doctors who went on strike were practising at private hospitals — was at an advanced stage. "The probe will be deep and with full evidence, I will make it public. We had to spend Rs 1,000 crore on Swasthya Sathi. I do not speak without evidence," she said. The CM also indicated that TMC's association with consultancy firm I-Pac was under scanner, saying: "Poll consultants, at best, can deck up the bride. They can't find the bride. Not all their surveys are always right. The surveys keep changing too." "They might help a little, but they can't secure a win. Otherwise, Prashant Kishor himself wouldn't have lost elections," the CM said. Stressing that the real key to success was the trust of the public, Banerjee said: "When people are with you, nothing else is needed." Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .
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