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Meta Platforms, Inc. (NASDAQ:META) executives, including CEO Mark Zuckerberg and CFO Susan Li, were cautious in their response to a question about the potential impact of the TikTok ban or sale on the U.S. social media landscape.
What Happened: During the company’s first-quarter earnings call on Wednesday, Li responded to a question about the TikTok ban, stating that it was too early to assess its impact on Meta’s business.
Youssef Squali from Truist Securities directed his question to Zuckerberg saying, “Mark with the upcoming ban or sale of TikTok ending to a lot earlier today, how do you think that will impact the U.S. social media landscape?”
Squali also asked, “What do you say to people who believe that this is potentially a slippery slope in terms of the government picking up winners and losers?”
Zuckerberg decided to not address the question, after which Li responded, “We’ve obviously been following the events related to TikTok closely, but at this stage, it is just too early I think to assess its impact or what it would mean for our business.”
Why It Matters: The TikTok ban has been a topic of significant interest in the tech industry. After the U.S. House of Representatives and Senate passed a bill that could lead to the ban or sale of TikTok, President Joe Biden signed it into law on Wednesday.
TikTok CEO Shou Zi Chew has said that they will fight back. “Make no mistake, this is a ban, a ban on TikTok and a ban on you and your voice,” he said in a two-minute video posted to TikTok's main corporate account.
Former President Donald Trump has repeatedly voiced opposition to a potential ban on TikTok, accusing President Biden of aiding Facebook, led by Zuckerberg, in amassing more influence on social media platforms and potentially interfering in elections, to the detriment of Republicans.
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Meanwhile, Wedbush analysts believe that while Microsoft Corp. and Oracle Corp. could be the “likely buyers” of TikTok, but added Meta and Google could emerge as winners. “We would expect Meta to be the primary recipient of redistributed TikTok revenue should the company exit the U.S., with Google the likely number two beneficiary.”
Wedbush's Dan Ives has previously spoken about the potential repercussions of a TikTok ban for large technology firms, calling the situation a “slippery slope” and a “watershed moment.”
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
