Snap jumps as US TikTok ban plan gains momentum

Snap Inc. shares soared on Monday as lawmaker efforts to ban TikTok appeared to be gaining traction in the US.

Monday’s gain pushed Snap shares above the 200-day moving average for the first time since 2021, according to data compiled by Bloomberg. Snap shares have been battered amid rising competition in short-form video platforms and a gloomy market for digital ad spending.

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