Facebook shares rally on launching TikTok competitor
Shares in Facebook are in hot demand as the social media app launched a new Instagram feature called Reels in the US which is designed to rival Chinese upstart app TikTok. Reels allows users to create a short-form video with added audio and augmented reality effects.
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Facebook investors have been worried about the growing dominance of TikTok among US teens and young adults as the app boasts more than 100 million monthly active users in the US.
The timing of Facebook's rival launch comes at a time when US President Donald Trump signed an executive order for US firms to stop doing business with the company within 45 days. The executive order also includes WeChat. Both of these are two of China's biggest apps.
TikTok has also attracted the attention of Microsoft who are currently in talks to buy the app's operations around the world.
How to trade Facebook with Admiral Markets UK Ltd
If you are feeling bullish or bearish on the price of Facebook shares you can speculate on its price direction using CFDs. To get started, follow these five simple steps:
- Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
- Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
- Type in Facebook at the bottom of the Market Watch search box and then drag the symbol onto the chart.
- Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
- Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.
Source: Admiral Markets MetaTrader 5 Web, #FB, Monthly - Data range: 1 May 2012 to 7 August 2020. Please note: Past performance is not a reliable indicator of future results.
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