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Meta Platforms Inc (NASDAQ:META) and Snap (NYSE:SNAP) shares have jumped on reports that the FCC’s Carr wants TikTok banned in the U.S.
In an interview with Axios, Brendan Carr said the Council on Foreign Investment in the U.S. (CFIUS) should take action to ban TikTok.
Meta Platforms shares are currently up 4%, while Snap is trading 5% higher on Tuesday.
Carr is one of five commissioners at the Federal Communications Commission. He told Axios that he doesn’t “believe there is a path forward for anything other than a ban.”
Axios stated that the FCC has no authority to directly regulate TikTok, but Congress previously took action after Carr commented on his concerns about Chinese telecom companies, including Huawei. TikTok’s Chinese ownership is becoming of increasing concern for U.S. officials.
Carr told Axios about his concerns U.S. data could flow back to China and the risk that state actors could use TikTok to influence political processes in the U.S.
Axios quoted Carr as saying there isn’t “a world in which you could come up with sufficient protection on the data that you could have sufficient confidence that it’s not finding its way back into the hands of the [Chinese Communist Party].”
TikTok responded to Carr’s comments, telling the publication that he has “no role in the confidential discussions with the U.S. government related to TikTok.”
