Meta Platforms Inc ( META ) and Snap Inc ( SNAP ) shares are trading lower Thursday following a report suggesting President-elect Donald Trump is considering an executive order to save TikTok from being banned in the U.S.

What Happened: According to the Washington Post, Trump has been considering ways to save popular video sharing app TikTok from being banned in the U.S., including unconventional dealmaking methods and legal moves like a potential executive order that would suspend the TikTok ban-or-sale law for 60 to 90 days.

"I have a warm spot in my heart for TikTok," Trump reportedly said last month.

TikTok is currently scheduled to be banned in the U.S. on Sunday, a day before Trump’s inauguration. People familiar with the matter said Trump has expressed interest in being viewed as the person who rescued the popular social media platform.

Check This Out: TikTok Ban Deadline Ahead: What Will Happen To App On Your Phone?

President Joe Biden signed a law last year that requires TikTok owner ByteDance to sell the video sharing app by Jan. 19 or face an immediate ban in the U.S. over national security concerns. It’s not clear if Trump has the means to reverse the law.

Executive orders "are not magical documents. They're just press releases with nicer stationery," former national security adviser to the Justice Department Alan Rozenshtein reportedly said.

"TikTok will still be banned, and it will still be illegal for Apple and Google to do business with them. But it will make the president's intention not to enforce the law that much more official."

Meta and Snap stand to benefit from a potential ban of TikTok as both companies operate similar video sharing platforms. If Trump were to issue an executive order to “save TikTok,” shares of competing social media platforms are likely to see some weakness.

META, SNAP Price Action: At the time of publication, Meta shares were down 1.23% at $609.50 and Snap shares were down 4.14% at $11.35, according to Benzinga Pro.