Twitter shares rose as much as 5% Monday after it reportedly held preliminary talks with TikTok, the troubled Chinese-owned social media app that the Trump administration wants to ban.
The stock was up just 1.5% by midday, but the broader Nasdaq stock index had fallen by nearly 1%.On Saturday, the Wall Street Journal said the deal would involve TikTok's US operations, but it's unclear if Twitter will move forward with an acquisition. TikTok is reportedly worth tens of billions of dollars, which sparks questions about whether Twitter, which has a market cap of around $30 billion, can afford the app.
Read MoreLast week, Microsoft said it's pushing forward with talks to acquire TikTok following a conversation between CEO Satya Nadella and President Donald Trump. The transaction could be complicated and difficult to accomplish. And Microsoft has in recent years shifted its strategy away from consumers toward businesses.A deal would create a new structure in which Microsoft would own and operate TikTok services in the United States, Canada, Australia and New Zealand.
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