Meta shares rise on potential TikTok ban in U.S., closing at record alongside Amazon
Meta continued its rally on Friday, rising 2.4% and closing at a record after a federal appeals court upheld a law requiring ByteDance to sell TikTok.
Meta shares continued their extended rally on Friday, rising 2.4% and closing at a record after a federal appeals court upheld a law requiring China's ByteDance to sell TikTok or face an effective U.S. ban.
The Facebook parent has climbed 77% this year after almost tripling in 2023, pushing Meta's market cap close to $1.6 trillion.
Alongside Meta, Amazon also closed at an all-time high on Friday and is up 49% this year. Apple slid slightly from its high on Thursday. The hefty gains this year among tech's megacaps helped lift the Nasdaq to a record. The index rose 0.8% on Friday and has gained 32% in 2024.
Meta CEO Mark Zuckerberg joined president-elect Donald Trump at his Mar-a-Lago resort in Florida last week for a dinner, where he demonstrated the company's camera-equipped Ray-Ban specs, Fox News first reported. Zuckerberg, who has been the subject of frequent verbal attacks by the incoming president, is apparently seeking an active role working with the Trump administration.