TikTok Ruling in Focus for Meta, Alphabet, Oracle Investors
- Court due to rule on law banning TikTok’s foreign ownership
- Investors see potential upside for social media, search stocks
The TikTok app.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Tech investors are girding for the latest development in TikTok’s legal saga. Social media and search companies like Meta Platforms Inc. have a lot at stake, as does Oracle Corp., which counts TikTok as a big customer.
The US Court of Appeals in Washington is due to issue a ruling on whether to uphold or overturn a law that requires TikTok’s China-based owner to sell the app by Jan. 19, or face a ban in the US. The ruling probably won’t be the end of the drama, as any outcome would likely be appealed. But traders are watching every step carefully, with TikTok’s more than 170 million US users and billions of dollars in advertising revenue top of mind.