Today, the United States Supreme Court announced its ruling to uphold the TikTok ban. The ruling means that on Sunday, January 19, Apple, Google, and other tech companies will be liable for heavy fines if they continue to host the app on their respective app stores.But conventional wisdom says the ruling will also benefit American social media giants, most notably Meta Platforms, which owns Facebook and Instagram. Yet shares in Meta (Nasdaq: META) and Snap Inc (NYSE: SNAP), parent company of Snapchat, have dropped in the wake of the SCOTUS ruling, suggesting the companies may not see the dividends some expected them to see from the TikTok ban. Here are two likely reasons why.The TikTok ban still may not happenThe SCOTUS ruling definitely isnt doing TikTok or its owner, ByteDance, any favors. But its not the final nail in the coffin for TikToks American operations yetdespite the company saying the platform will go dark in America this weekend if the ban is upheld.Thats because Washington lawmakers have been scrambling in recent days to try to undo, or at least delay, their own law. As Politico reported before the SCOTUS ruling, Democrats, who widely supported and passed the ban, have been trying to allow TikTok a reprieve.However, those plans were seemingly squashed shortly after, as Politicos reporting indicates that the president doesnt have the authority to grant an extension.Still, Bidens White House has also suggested that it will not enforce the ban, which means companies like Apple and Google wouldnt be held liable for the massive fines the TikTok ban law authorizes for companies that host the app.This would leave it to the incoming Trump administration, which takes over on Monday, to either enforce the ban, keep it unenforced, or find another solution to keep TikTok alive in the United States. President-elect Donald Trump has said he is open to keeping TikTok going in the U.S.All this means that just because the ban has now been upheld by the Supreme Court, it doesnt necessarily mean that TikTok is going away in the United States, which means there may not be a flood of additional users to American social media platforms like Facebook, Instagram, and Snapchat.Many TikTok fans have eschewed Meta anywayBut even if TikTok is banned and does go dark in America, many of TikToks most loyal users may still be unwilling to jump ship to American platforms, particularly those owned by Meta.Instead, American TikTok users who call themselves TikTok refugees have begun fleeing to an alternate social media app in recent daysand one owned by another Chinese company. That apps Chinese name is Xiaohongshu, but its known as RedNote in America. The app has seen as many as three million Americans join it in recent daysboth as a middle finger to U.S. lawmakers and because American users blame Meta for stirring up anti-TikTok sentiment among lawmakers.META and SNAP shares fallAs of the time of this writing, META shares are currently down about half a percent in Friday tradinghardly the direction one would expect if the TikTok ban were to benefit Facebook and Instagram.Snapchat owner Snaps share price is down even more, currently falling over 2.8%. However, Snaps stock price fall seems more connected to a complaint that the Federal Trade Commission (FTC) is set to refer to the Department of Justice. According to Reuters, the complaint alleges that Snaps AI chatbot may harm young users. Snap has countered that the complaint is based on inaccuracies and does not identify any specific harm. Still, if the incoming administration does delay the TikTok ban, or even if it is upheld but users dont flee to Metas or Snaps platforms, neither company may benefit from TikToks demise as they likely once hoped.