Social-media ETFs climb despite Trump veto warning

Wed, 02 Dec 2020 17:21:35 GMT

Exchange-traded funds that track social-media stocks outperformed Wednesday, in spite of a threat from President Donald Trump to veto legislation unless a law protecting tech companies was rolled back. The Global X Social Media ETF was up 1.3% midday, and its Millennials Thematic ETF gained 0.6%. Both are among the biggest ETF holders of Spotify Inc., whose shares surged more than 15% Wednesday after the company rolled out its "2020 Wrapped" personalized program for users. The two funds also have big exposure to shares of Facebook Inc. , which were up 1.5%, and Twitter , which gained 2.4%. Trump has threatened to veto a defense bill unless a law protecting tech companies from being held liable for material posted by users is terminated.

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