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Senator Markwayne Mullin (R-Okla.) has refuted that there is any conflict of interest over his ownership of Meta Platforms Inc. (NASDAQ:META) shares, ahead of a vote to potentially ban TikTok.
What Happened: The senator was questioned on Last Call with CNBC about the optics of voting on the TikTok ban while owning Meta shares. Mullin purchased Meta shares in January, leading to speculation that his vote could be influenced by potential profit gains for Meta, a TikTok competitor, if the ban is implemented.
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While Mullin denied divulging details about his market activities, he mentioned that he was not fighting against a company, but the Chinese Communist Party.
“What I am saying is the Chinese Communist Party should not be allowed to do business openly inside the United States and use the freedom of speech as a protection. They don’t have protection, the communist party doesn’t have protection. They are an enemy and we should fight against them with every opportunity we have,” he said.
Why It Matters: The controversy arises amid increasing regulatory pressure on TikTok. TikTok’s efforts to allay U.S. national security concerns have been unsuccessful, leading to the removal of a key executive. The U.S. House of Representatives recently passed a bill requiring TikTok to be sold by its Chinese parent company, ByteDance Ltd., or face a ban in the U.S.
Meanwhile, former President Donald Trump has reversed his stance on the TikTok ban, accusing President Joe Biden of favoring Meta. Trump alleges that Biden is pushing for the TikTok ban to help Meta gain more power.
Analysts from Wedbush believe that while Microsoft Corp. (NASDAQ:MSFT) and Oracle Corp. (NYSE:ORCL) could be the “likely buyers” of TikTok, the real winners could be Meta’s Mark Zuckerberg and Alphabet Inc.’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Sundar Pichai. The TikTok ban bill is part of a larger package aimed at providing aid and bolstering national security measures in support of Ukraine, Israel, and Taiwan.
Price Action: On Tuesday, Meta stock closed 2.98% higher at $496.10, as per Benzinga Pro.
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Photo via Shutterstock
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