Facebook, Google, Snapchat and Pinterest have been unable to vanquish TikTok. Now their investors may be a bit too hopeful that the U.S. government will do it for them.
Stocks of the parent companies of TikTok’s main U.S. rivals jumped Thursday as Shou Zi Chew—Chief Executive Officer of the red-hot social media app—was grilled before Congress over a host of issues that are mostly related to the company’s Chinese ownership. Mr. Chew’s appearance before the House Energy and Commerce Committee came after the Biden administration threatened earlier this month to ban the app if the company’s Chinese owners didn’t divest their ownership stakes.
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