Snap jumps after Pompeo says U.S. 'looking at' TikTok ban

Shares of Snap (SNAP) are moving higher on Tuesday afternoon following reports that the U.S. is considering banning TikTok and other Chinese social media apps. U.S. LOOKING AT BANNING TIKTOK, OTHERS: Secretary of State Mike Pompeo told Fox News' Laura Ingraham that the U.S. is "looking at" banning social media apps, adding that "we're taking this very seriously." Pompeo was asked by Ingraham whether the U.S. would consider a ban on the social media apps, particularly TikTok," and commented that "With respect to Chinese apps on people's cell phones, I can assure you the United States will get this one right too, Laura." Pompeo added that "I don't want to get out in front of the President [Donald Trump], but it's something we're looking at." Pompeo further told Ingraham that TikTok should only be downloaded "if you want your private information in the hands of the Chinese Communist Party." TIKTOK RESPONSE: In a statement following Pompeo's comments, a TikTok spokesperson commented that "TikTok is led by an American CEO, with hundreds of employees and key leaders across safety, security, product, and public policy here in the U.S. We have no higher priority than promoting a safe and secure app experience for our users. We have never provided user data to the Chinese government, nor would we do so if asked." WHAT'S NOTABLE: Pompeo's comments come during a time of increased tensions between the U.S. and China. ByteDance-owned TikTok has previously been criticized by U.S. politicians who believe it to be a threat to national security due to its ties with China and claim it could be compelled to "support and cooperate with intelligence work controlled by the Chinese Communist Party." TikTok has said that it operates separately from Beijing-based ByteDance and that its data centers are located outside of China. SNAP SHARES HIGHER: Shares of Snapchat parent Snap are up over 8% to $25.38 in early afternoon trading.