TECH - TikTok Ban: Courts Must Decide Whether National Security Concerns Trump Freedom Of Expression | Benzinga
TikTok’s parent company, ByteDance, would rather face a shutdown, or ban, than sell, according to Reuters.
In a video, TikTok CEO Shou Chew promised that the Beijing-based company would first fight the ban in court.
The video currently has almost 3 million views. TikTok boasts roughly 170 million users.
President Joe Biden recently signed into law a bill that gives ByteDance nine to 12 months to sell its U.S. assets to a domestic buyer. Otherwise, it faces an outright ban.
The bill saw bipartisan support in the House and Senate.
Observers argue that a ban could benefit the platform's main competitors in the U.S., including Meta Platforms Inc (NASDAQ:META) and Snap Inc (NYSE:SNAP) — both of which count members of Congress as investors.
Lawmakers argue the decision stems from a series of classified briefings from the FBI, the Justice Department and the Director of National Intelligence.
Last week, Meta lost over 15% of its value in one day after reporting worse-than-expected quarterly results. The lackluster earnings report was strong enough to counteract positive speculation around the TikTok ...