Helena Lyng Blak
10 weeks ago

US TikTok-ban progresses

Lawmakers push for Chinese parent company to sell the app to avoid a ban. Lawmakers push for Chinese parent company to sell the app to avoid a ban.
Closeup of someone holding a phone with the TikTok logo on the screen, in front of a laptop.
THICHA SATAPITANON / Shutterstock.com

The United States House of Representatives Energy and Commerce Committee has unanimously advanced a bill that would give ByteDance, TikTok’s Chinese parent company, 165 days to sell off its ownership of TikTok, writes Variety.

The bipartisan bill was introduced on March 5 and is the latest attempt by US regulators to shut down the popular app due to concerns regarding users’ data security.

The US government’s pushback on TikTok and ByteDance dates back to 2020, when former President Trump raised alarm over TikTok’s ties to the Chinese government, saying the app could pose a national security risk and be used to spread propaganda, as reported by Variety.

TikTok CEO Shou Chew said at a 2023 congressional hearing that TikTok has never shared, or even been requested to share, US user data with China, nor would it honor such a request. TikTok furthermore highlights that around 60% of ByteDance Ltd is owned by global institutional investors, 20% by ByteDance employees around the world, and finally, the remaining 20% is owned by the company’s Chinese founder.

Although bipartisan, the bill has not escaped criticism.

“We’re deeply disappointed that our leaders are once again attempting to trade our First Amendment rights for cheap political points during an election year,” says Jenna Leventoff, senior policy counsel at the American Civil Liberties Union (ACLU), in a press release issued by the union. ACLU argues that a TikTok-ban would negatively impact free speech as “millions of Americans rely on the app every day for information, communication, advocacy, and entertainment.”

The US House of Representatives will fast-track a vote on the topic this week, Reuters reports.


The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

3 days ago Europe Market Open: May 17, 2024 - European Stocks Start Lower Daily update from the European market open.
3 days ago Will Europe cut rates before US? Analyst Ulrik Simmelholt from Steno Research argues that the ECB should initiate rate cuts without fearing wider real rates spread with the USD, emphasizing the importance of commodity prices and energy dependencies over monetary policy in determining Euro strength.
3 days ago Crypto, Currently: May 17, 2024 - Mixed Signals in the Crypto Market Daily update the cryptocoin market.
3 days ago FX Daily: May 17, 2024 - Key Currency Movements and Analysis Daily update from the foreign exchange markets
4 days ago China Exporting Inflation Again: Global Markets on Alert Analyst Andreas Steno from Steno Research warns that China's rising industrial production and strategic resource stockpiling could trigger global inflationary pressures and impact market dynamics.
4 days ago EU Designates Booking as Gatekeeper; Opens Investigation Into X EU cracks down on Booking under Digital Markets Act, investigates other tech giants.
4 days ago Freddie Mac Proposes Unleashing Trillions to Stimulate US Consumption As U.S. excess savings diminish, Freddie Mac's new proposal might unlock vast consumer potential—could this be the spark for the next economic boom?