Analyst Note| Ali Mogharabi |
On Sept. 19, President Donald Trump said that “in concept” he approved a possible TikTok deal with Oracle and Walmart, which increases the probability TikTok will continue to be available in the U.S. This does not change our views on wide-moat Facebook and no-moat Snap. As we wrote Aug. 2, a deal that will allow TikTok to continue operating in the U.S. could benefit Facebook (including Instagram) a bit but slightly hurt Snap. We continue to value Facebook at $265 and Snap at $18.