President Trump's attack on TikTok has highlighted the extensive, but not-well-understood powers the president has to regulate or block foreign investment in the US.
"I feel that a lot of businesses are not understanding this," said Doreen Edelman, a partner at Lowenstein Sandler and the chair of the law firm's global trade and policy group.Many past press reports have erroneously suggested that Musical.ly — the lip-synching app that would become TikTok after getting— was an American company. Under that assumption, CFIUS's involvement, even years after the deal closed, might not seem overly surprising.
Not only did Musical.ly have a US office in Santa Monica, Calif, it obviously was engaged in interstate commerce — its video sharing services had millions of US customers. Those factors were enough to place it under CFIUS's jurisdiction. When ByteDance announced the acquisition, the companies had no obligation under the rules in place at the time to notify CFIUS of the deal, which is the precursor to any formal review. The flip side of that freedom to ignore CFIUS was that the committee could at any time — months, years, potentially even more than a decade later — decide that the deal had a bearing on national security and undertake a review of it. There's no statute of limitations on CFIUS's retrospective review power.
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