This new development in Texas boosted hopes among investors that the U.S.

Each agency's IT department must strictly enforce this ban. This includes all state-issued cell phones, laptops, tablets, desktop computers, and other devices capable of internet connectivity. The below excerpt from a news release by the Office of the Texas Governor highlights the directive issued by the Governor on the use of TikTok.īan and prevent the download or use of TikTok and prohibited technologies on any state-issued device identified in the statewide plan. State agencies have until February 15 to comply with this directive. Security risks associated with software developed by Chinese companies were highlighted as the reason for this ban. Yesterday, Texas Governor Gregg Abbott announced a statewide model security plan for state agencies banning the use of TikTok and a few other software products on personal and state-issued devices. Snap Gets a Boost From Texas Model Security Plan This analysis focuses on identifying the reasons behind Snap's stellar stock market performance yesterday and the factors behind disappointing ARPUs. Social media stocks also received a boost last week on the back of Meta Platforms, Inc's ( META ) recovery. Yesterday, in a surprise move, Snap shares rose nearly 10% aided by Texas Governor Greg Abbott's announcement of a statewide TikTok ban. In fact, Q4 earnings yet again disappointed investors, triggering a selloff last week while Wall Street analysts threw caution to the wind. In a little over three months, SNAP has surged 26% higher against the S&P 500's 7% gain but unfortunately, these gains have nothing to do with a notable improvement in the company's financial performance. ( NYSE: SNAP) last October, SNAP stock was struggling around $9.50. When I published a bullish investment thesis for Snap, Inc.

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