Meta Stocks Rise Following Potential TikTok Ban In US, Closing At Record High

Mark Zuckerberg, CEO of Meta Platforms Inc., arrives for the Meta Connect event in Menlo Park, California on September 25, 2024.

David Paul Morris | Bloomberg | Getty Images

Meta shares continued their extended rally Friday, rising 2.4% and closing at a record high after a federal appeals court upheld a law requiring China's ByteDance to sell TikTok or face a effective ban from the United States.

Parent company Facebook has soared 77% this year after nearly tripling in 2023, pushing Meta's market cap to nearly $1.6 trillion.

Alongside Meta, Amazon also closed at a record high on Friday and is up 49% this year. Apple slipped slightly from its high on Thursday. Significant gains among tech mega-caps this year have helped lift the Nasdaq to a record high. The index rose 0.8% on Friday and will gain 32% in 2024.

Meta CEO Mark Zuckerberg joined President-elect Donald Trump last week at his Mar-a-Lago resort in Florida for dinner, where he showed off Ray-Ban's camera-equipped glasses. company, Fox Newsfirst reported. Zuckerberg, who has been the subject of frequent verbal attacks from the new president, is apparently seeking to take an active role with the Trump administration.

TikTok is one of Meta's biggest rivals and has gained popularity in recent years, particularly among younger audiences, and now has around 170 million users in the United States. In April, President Joe Biden signed a law that would force ByteDance to divest the app, or companies such as Meta. because Apple and Google as well as Internet hosting providers should stop supporting it.

The unanimous ruling issued Friday by a three-judge panel of the U.S. Court of Appeals in Washington, D.C., rejected TikTok's argument that the law is unconstitutional and violates its users' First Amendment rights. TikTok said later Friday that it would ask the U.S. Supreme Court to overturn the appeals court's decision.

“The Supreme Court has an established history of protecting Americans' right to free speech, and we hope it will do just that on this important constitutional question,” a TikTok spokesperson said in an e -mail.

Meta's rally began in late 2022 and accelerated early last year after Zuckerberg declared 2023 “the year of efficiency.” The company cut about 21,000 jobs and rebuilt its advertising systems with new advances in artificial intelligence.

In its third-quarter earnings release, Meta reported a 19% year-over-year increase in revenue while warning of a significant acceleration in its infrastructure spending in 2025. company reported 3.29 billion “daily active people” for the third quarter, up. only 5% year over year.

Zuckerberg discussed Meta's efforts to develop new AI products and services, which will require spending billions of dollars on Nvidia graphics processing units and the power to run them. Meta has built data centers to bolster the technology infrastructure needed for its AI strategy.

Posting on the Threads app on Friday, Zuckerberg said Meta AI “now has nearly 600 million monthly actives” and will soon release version 3.3 of its large open source language model Llama. Zuckerberg did not specify how Meta counts a “monthly active” user for its AI technology.

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