Big tech responds to Russia-Ukraine conflict, Zoom provides Q4 earnings release and other notable stories from this week
Welcome to “#SocialStocks,” The Fly’s weekly recap of Wall Street’s reactions to social media stock news.
TIKTOK PROBE: Massachusetts Attorney General Maura Healey launched a nationwide investigation into whether TikTok is designing, operating, and promoting its social media platform to children, teens, and young adults in a manner that causes or exacerbates physical and mental health harms. Attorneys general nationwide are examining whether the company violated state consumer protection laws and put the public at risk. AG Healey, along with her colleagues across the country, has long expressed concern about the negative impacts of social media platforms on Massachusetts’s youngest residents. The investigation will look into the harms such usage may cause to young people and what TikTok knew about those harms. The investigation focuses, among other things, on the methods and techniques utilized by TikTok to boost young user engagement, including increasing the duration of time spent on the platform and frequency of engagement with the platform. Leading the investigation into TikTok is a bipartisan coalition of attorneys general from California, Florida, Kentucky, Massachusetts, Nebraska, New Jersey, Tennessee, and Vermont. They are joined by a broad group of attorneys general from across the country.
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