On Tuesday, TikTok remained unavailable on Google Play (GOOGL) and Apple’s (AAPL) App Store in the U.S. despite the fact that President Donald Trump signed an executive order to delay the social media app’s ban by 75 days.
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For context, TikTok went dark on Saturday, just before a law took effect on Sunday that would have required ByteDance to sell TikTok or be banned in the U.S. due to national security concerns. Although TikTok resumed service after Trump assuranced that it would not be fined to keep the app running, new potential users are still not allowed to download it on app stores. Analysts believe that Google and Apple are waiting for additional protections before making the app available again in order to avoid being punished themselves.
Interestingly, Bill Ford, the CEO of TikTok investor General Atlantic, told CNBC in an interview that there are probably ways to change who controls TikTok U.S. without selling it. Indeed, he noted that 60% of ByteDance is controlled by non-Chinese shareholders, including institutional investors like BlackRock (BLK) and General Atlantic. The issue now becomes trying to figure out a solution that would keep both U.S. and Chinese regulators happy.
Which Stock Is a Better Buy, GOOGL or AAPL?
Turning to Wall Street, out of the two stocks mentioned above, analysts think that AAPL stock has more room to run than GOOGL. In fact, AAPL’s price target of $243.31 per share implies 10.25% upside versus GOOGL’s 9.5%.
