Welcome to "#SocialStocks," The Fly's weekly recap of Wall Street's reactions to social media stock news.

U.S. MAY BAN TIKTOK: On July 7, U.S. Secretary of State Mike Pompeo said the U.S government is considering banning TikTok and other Chinese social media apps, amid rising tensions between the U.S. and China. "We are taking this very seriously and we are certainly looking at it. We have worked on this very issue for a long time, whether its the problem of having Huawei technology in your infrastructure -- we've gone all over the world and we are making real progress getting that out -- we had declared ZTE (ZTCOY) a danger to American national security," said Pompeo. Other companies in the social media space include Snap (SNAP), Twitter (TWTR), Facebook (FB), Yelp (YELP), Weibo (WB), Alphabet (GOOG, GOOGL) and Microsoft (MSFT).

FACEBOOK, GOOGLE, TWITTER BLOCK HONG HONG FROM ACCESSING USER DATA: On July 7, The Financial Times' Mercedes Ruehl and Primrose Riordan reported that Facebook, Google, and Twitter will temporarily block Hong Kong's authorities from accessing user data following a new national security law by China. Facebook said it is acting to support the right of people to express themselves "without fear for their safety," while Google says it is reviewing the law and Twitter says it has "grave concerns regarding both the developing process and the full intention of this law."

FACEBOOK OVERSIGHT BOARD NOT STARTING UNTIL LATE FALL: On July 8, The Facebook Oversight Board announced that it won't officially launch until later this year, saying via Twitter: "We understand many people are eager for the Board to officially begin our task of providing independent oversight of Facebook's content decisions. We share this urgency, but the Board won't be operational until late Fall. Our first members were announced in May 2020 and the Board is currently focused on the critical steps required to stand up a new institution. We don't expect the Board to regularly share opinions outside of our decisions on content and policy recommendations to Facebook. Our focus is on building a strong institution that will deliver concrete results over the long-term. Many of the issues of concern today - are within the Board's scope and we are committed to focusing on these matters as soon as we are operational."