Meta shares hit record high after US appeals court upholds TikTok ban

Shares in Meta Platforms, the parent company of Facebook, reached a record high on Friday after a US appeals court upheld a law requiring China-based ByteDance to divest its popular short-video app TikTok by early next year or face a potential ban.

The ruling is a significant setback for ByteDance, whose app is used by 170 million Americans. The court affirmed a law passed with bipartisan support in Congress and signed by President Joe Biden, granting the US government extensive authority to ban foreign-owned apps that could raise concerns over the collection of Americans’ data.