Snap Sinks as Microsoft Pursues Deal for Rival TikTok

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Snap Sinks as Microsoft Pursues Deal for Rival TikTok
Credit: © Reuters.

By Christiana Sciaudone --  Snap (NYSE: SNAP ) shares fell on Monday after word that Microsoft (NASDAQ: MSFT ) would pursue a deal to buy TikTok with President Donald Trump’s blessing.

Snap is down about 6%, the most in about six weeks.

Microsoft has 45 days to seal a deal to buy TikTok’s U.S. operations from ByteDance.  

Microsoft, which owns the professional social media website LinkedIn (NYSE: LNKD ), rose 4%. Facebook (NASDAQ: FB ), which operates Instagram, traded slightly lower. 

TikTok has 100 million U.S. users, and Microsoft is also seeking to buy its Canadian, Australian and New Zealand interests, Reuters reported.   

Last month, Snap reported better-than-expected revenue for the second quarter, but daily active users, while higher, missed analyst estimates.


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