US lawmakers say TikTok won’t be banned if it finds a new owner. But that’s easier said than doneA TikTok sign is displayed on their building in Culver City, Calif., Monday, March 11, 2024. House Republicans are moving ahead with a bill that would require Chinese company ByteDance to sell TikTok or face a ban in the United States even as President Donald Trump is voicing opposition to the effort. People work inside the TikTok Inc. building in Culver City, Calif., Monday, March 11, 2024.
While some people have voiced an interest in buying TikTok’s U.S. business — among them “Shark Tank” star Kevin O’Leary — there are a number of challenges including a 6-month deadline to get it done. Big tech companies could afford it but would likely face intense scrutiny from antitrust regulators in both the U.S. and China. Then again, if the bill actually becomes law and survives First Amendment court challenges, it could make TikTok cheaper to buy.
That could only happen if the U.S. president determines “through an interagency process” that TikTok is “no longer being controlled by a foreign adversary,” according to the bill. Not only that, but the new U.S.-based TikTok would have to completely cut ties with ByteDance. That includes no more “cooperation with respect to the operation of a content recommendation algorithm or an agreement with respect to data sharing.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dcexaminer - 🏆 6. / 94 Read more »
Source: verge - 🏆 94. / 67 Read more »
Source: FoxBusiness - 🏆 458. / 53 Read more »