Snap Inc. (SNAP) shares are experiencing an uptick following a federal court's decision to uphold the U.S. ban on TikTok, a major competitor in the social media space. This ruling, announced on December 6th, has sparked investor optimism for Snap, as the ban could potentially redirect user engagement and advertising dollars towards rival platforms like Snapchat. The court's decision comes after TikTok's appeal was rejected, which claimed the ban was unconstitutional. This development has led to a positive reaction in the stock market for Snap and other social media companies.
Snap Inc. is currently trading at $12.51, marking a 2.79% increase from its previous close of $12.17. The stock opened at $12.37 and has seen a 1.13% rise from the opening price.