Snap Inc (NYSE:SNAP) shares continued to rise on Tuesday as US lawmakers push for the ban of rival social media platform TikTok over cybersecurity concerns around the Chinese-owned app.
Snap stock rose about 10% on Monday after US Senate Intelligence Committee chairman Mark Warner told Fox News that he plans to introduce a bill this week to allow the US to ban Chinese technology, including TikTok which is owned by Beijing-based Bytedance.
Snap shares were trading up 6.8% at US$12.45 on Tuesday morning, buoying other social media stocks like Facebook and Pinterest, which had added 1.2% and 1.5%, respectively.
READ: House bill that would allow Biden to ban TikTok in the US advances out of committee
Warner’s comments to Fox News come after Republican members of the House Foreign Affairs Committee last week voted to approve a bill that would give President Joe Biden the ability to ban TikTok.
The Deterring America’s Technological Adversaries (DATA) act would create a legal framework that would allow Biden to ban TikTok and other apps owned by Chinese companies deemed a security threat.
The US has already banned TikTok from all government-issued devices, with agencies last Monday given 30 days to delete the app from their devices with limited exceptions for national security, law enforcement, and research purposes.
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