Potential government action against Chinese social media giant TikTok could lead to a damaging backlash for US companies, according to traders and guests on the “Fast Money” show. by CNBC. TikTok CEO Shou Zi Chew testified before Congress on Thursday, drawing attention from both sides of the aisle. Many members of Congress have called for a ban on TikTok in the US or some form of company sale that could block US user data. The TikTok ban could be a boost, at least in the short term, for its social media rivals in the US, but the consequences from China could hurt US companies in the long run. term, according to CIO Tim Seymour of Seymour Asset Management on “Fast Money”. .” Not long before TikTok’s hearing, a spokesman for China’s Ministry of Commerce said the country would “resolutely oppose” forced selling, the Associated Press reported. Seymour said: “The Chinese government Quoc has spoken out on the issue for the first time and it’s not pretty. after the hearing. “It hasn’t happened, and I hope it doesn’t. But the companies in the spotlight are clearly the likes of Starbucks, McDonald’s and Apple at the top of that list. And I don’t think that risk has been priced in near significant enough,” Adami said, and government action against TikTok could pose a long-term threat to US social stocks like Meta. Platforms, even if the ban creates a short-term hit, Deepwater Asset Management’s Gene Munster said. “It’s not just good for Meta. As you watch this, you will find there is a great deal of concern about the addictive aspects of short format video and social media. It’s also Reels. I think although this may seem obvious Munster said: