Snap and Meta shares are trading lower Wednesday morning following Donald Trump‘s comments in support of TikTok. These comments after Joe Biden signed a divest-or-ban law earlier this year.

What Happened: The former president told Bloomberg Businessweek in an interview on Tuesday, “I’m for TikTok because you need competition. If you don’t have TikTok, you have Facebook and Instagram.”

During his presidential term, Trump attempted to ban TikTok. The move, however, was later blocked by the courts. Also, in 2021, Joe Biden revoked multiple executive orders created by Trump to ban the app.

Biden later signed a law that gives the company an option to divest in TikTok’s US assets before mid-January or face a ban. Currently, ByteDance, TikTok’s parent company, is challenging this law in court.

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Price Action: At the time of writing, Snap shares are trading 5.48% lower at $15.26 and Meta shares are trading 3.58% lower at $472.25 per data from Benzinga Pro.

Image: 802298 from Pixabay.