The US House of Representatives is gearing up for a vote on a bill that would force ByteDance, the Chinese owner of TikTok, to sell the app or face a ban in the country. This move gained traction on Thursday, with key lawmakers throwing their support behind the measure.
The proposed legislation, embedded within a $95 billion aid package for allies like Ukraine and Israel, has bipartisan backing. It grants ByteDance a year to offload TikTok, a notable extension from the initial six-month deadline.
Senate Commerce Committee chair Maria Cantwell, initially hesitant about the bill, now supports it, boosting its chances of passing. She emphasized the extended divestment period’s importance in facilitating potential buyer negotiations.
Read more: McConnell Advocates for TikTok’s US Divestiture
The legislative push stems from concerns about national security, with fears that China could access data from TikTok’s 170 million U.S. users. TikTok denies data sharing but faces skepticism.
TikTok criticized the bill’s inclusion in a broader package, arguing it exploits foreign and humanitarian issues. The company also claims the legislation infringes on users’ free speech rights and impacts American businesses reliant on the platform.
Cantwell stressed the need for robust legislation to address concerns about foreign-owned apps effectively.
As the vote approaches, the fate of TikTok in the U.S. remains uncertain, with lawmakers grappling over security, free speech, and economic impacts. Saturday’s vote outcome could signal a significant shift in social media regulation.
Source: Reuters
Featured News
FTC to Approve Exxon’s $64 Billion Deal with Pioneer Resources, Excludes
May 1, 2024 by
CPI
UK Competition Watchdog Raises Alarm Over Nvidia’s ARM Takeover
May 1, 2024 by
CPI
Sen. Klobuchar Urges Regulators to Probe Collusion in Health Care Pricing
May 1, 2024 by
CPI
Multiple States Join Tennessee’s Antitrust Lawsuit Against NCAA Over NIL Rules
May 1, 2024 by
CPI
NY AG Joins Suit Challenging NCAA’s Restrictions on Student Athlete NIL Rights
May 1, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI