Biden signs bill forcing TikTok ban or Chinese divestment, drawing legal challenge

seekingalpha04-25

President Biden signed a bill Wednesday that will force a U.S. ban on video-focused social network TikTok unless its Chinese parent, ByteDance (BDNCE), divests itself of the app within about a year. ...

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The legislation was part of a high-profile $95B package passed by the House and Senate that mainly provides for aid to Ukraine and Israel, humanitarian relief in Gaza, and billions for Taiwan and the Indo-Pacific. The timeline ensures that in any case, TikTok will continue to be available to campaigns through the U.S. national election in November. That's a change from a prior version of the bill that would have banned the app before the election. And the Biden campaign says it will continue to use the app while it is available. The law gives ByteDance nine months to sell TikTok or face a ban, putting the deadline around the next presidential inauguration. The legislation provides for the president to grant an extension of 90 days (giving ByteDance a full year in total) if they determine there's progress toward divestiture. Unsurprisingly, TikTok (BDNCE) says it will follow through with a lawsuit looking to block the legislation. In a video on the platform, TikTok CEO Shou Zi Chew promised action. \"Make no mistake, this is a ban on TikTok and a ban on you and your voice. Politicians say otherwise, but don't get confused,\" Chew said. \"It's obviously a disappointing moment, but it does not need to be a defining one. ... Rest assured, we aren't going anywhere. We are confident and we will keep fighting for your rights in the courts, with the facts and the Constitution on our side, and we expect to prevail,\" he said. U.S. social media rivals were turning lower along with the broader market as the noon hour arrived on Wall Street: (GOOG) -0.4%; (GOOGL) -0.4%; (NASDAQ:META) -2%; (SNAP) -2.9%; (PINS) -0.6%.  More on ByteDance  Wall Street Lunch: Tick Tock On TikTok TikTok U.S. ban takes step closer as Senate passes bill TikTok faces U.S. ban as House passes bill as part of foreign aid package Financial information for ByteDance","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430463429"}