Why Fastly Stock Slid Today
Shares of Fastly Inc (NYSE: FSLY) fell this afternoon as President Biden's administration said that it would review security concerns about Chinese technology companies. Fastly is based in the U.S., but the company's largest customer is TikTok, which is owned by the Chinese tech company ByteDance.
The tech stock was down by as much as 6.7% today and had fallen 6% as of 3:25 p.m. EST.
Investors hate uncertainty, and right now Fastly's largest customer has a fair amount of it. TikTok's fate in the U.S. has been uncertain ever since former President Trump issued an executive order banning the app. Trump's focus on TikTok was rooted in concerns that TikTok's parent company could potentially share data about Americans with the Chinese government.
Source Fool.com
