00:00The Supreme Court signaled it may uphold a ban on TikTok, the wildly popular short-form
00:05video social media app, boosting shares of companies behind rival platforms and hitting
00:10hard one key TikTok partner.
00:13The Supreme Court heard oral arguments Friday in TikTok's appeal against a law requiring
00:18its private Chinese parent company ByteDance to divest its TikTok holdings or face a U.S.
00:2519th, and several justices cast doubt on the legitimacy of TikTok's argument.
00:32In an otherwise down day for U.S. stocks, two of the biggest stock gainers were a pair
00:36of American social media companies behind other short-form video platforms in Snapchat
00:41parent Snap, which owns TikTok competitor Spotlight, and Meta, which operates TikTok
00:46rival Instagram Reels.
00:50Snap stock gained 4% by close, notching its highest intraday share price since August
00:551, while shares of the much larger Meta rallied 1%.
01:00Friday was a tough day for perhaps TikTok's most notable American collaborator, software
01:05giant Oracle, whose stock tanked 5%, the worst daily loss of any of the U.S.'s 40-megacap
01:11companies worth at least $200 billion.
01:16Oracle, which hosts the U.S. data of TikTok, cautioned in July its earnings would take
01:21a hit if TikTok got banned.
01:24Oracle's co-founder and chairman Larry Ellison was the biggest billionaire loser Friday,
01:29as his net worth tanked $10 billion.
01:33ByteDance last fetched a $220 billion valuation in a 2023 funding round, and valued itself
01:39internally at $300 billion in November, according to Reuters, which would make it the world's
01:44second most valuable private company, trailing only SpaceX, which valued itself at $350
01:50billion in an internal share sale last month, Bloomberg reported.
01:55For more on this story, check out Derek Saul's article in the link in the description.
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