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- Snapchat and Meta Platforms jumped on Thursday as the CEO of TikTok gave testimony to Congress.
- CEO Shou Chew sought to quell concerns that TikTok is a Chinese asset that could spy on its 150 million American users.
- "We would characterize today's testimony by TikTok CEO Shou Zi Chew in the Beltway as a 'disaster' moment," Wedbush said.
Shares of social media stocks jumped on Thursday, with Meta Platforms and Snapchat leading the way after TikTok CEO Shou Chew gave what one analyst called a "disaster" testimony to Congress.