US Senate passed the bill that could lead to a TikTok ban nationwide or force Bytedance to sell its stake to the US company. The TikTok Ban bill is giving ByteDance 6 months to decide if they want to sell their stake or face a TikTok ban in the USA.
TikTok is a short video-sharing platform. TikTok has more than 170 million users in the USA. It is owned by ByteDance, a Chinese company that has connections with Chinese officials.
For a long time, TikTok's presence in the USA has been seen as a national security threat as Chinese government officials and companies can access American user data.
What is TikTok, and why might the US ban it?
Mike Gallagher said that the presence of a new company in America, which the Chinese community Party controls, is a national threat.
TikTok has assured the regulators that the company is not sharing US user data with the Chinese company.
However, the Wall Street Journal investigated and found that ByteDance has used TikTok user data to track journalists' resources.Lawmakers have now passed the bill to eliminate ByteDance's control over TikTok. If ByteDance does not sell its stake, the app will face a Ban in the USA.
Democrats are also not together in this bill as they fear that banning TikTok will cause the loss of younger votes.
TikTok Influencers are already protesting the bill.China Says TikTok Ban Will Cost the US:
Wang Wenbin, a Chinese Foreign Minister, said that US's effort to ban TikTok will come to bite it. There is no evidence that TikTok is a threat to America. Chinese media is also against this bill.
Donald Trump and TikTok Ban:
Donald Trump is already against the bill, even when he tried to ban TikTok during his term as president.
Trump said that the TikTok ban would only help Facebook.
Who Will Buy TikTok or ByteDance Stake?
Until now, there has not been any news about the exciting parties who want to buy TikTok. TikTok's valuation is more than $268bn.
It will become hard for a single party to buy TikTok and spend billions of dollars.
Another option is for Silicon Valley giants to come together to buy TikTok.
How Do Young Americans Feel About a Ban on TikTok?
Americans would not have an issue if ByteDance sold its stake to a US company. The only worry is that if the US bans TikTok. If the TikTok Ban happens, then 170 million users will lose something. Many influencers claim to have earned their bread and butter from TikTok. It can be difficult for them.
The bill to ban TikTok or ByteDance from selling its stake is still in the process of becoming law.
How Will TikTok Ban Bill Become a Law?
After passing the first stage, the next step is to pass the bill in the Senate. After the Senate's approval, the bill will go to President Joe Biden. Biden said he is ready to sign the bill to save America.
Countries Where Tiktok is Banned:
Conclusion:
US Senate is working on a bill to force ByteDance to sell its stake in the company or ban the TikTok app in the US. Lawmakers are claiming that it is necessary for national security. There is unrest among TikTok influences making money from their followers or brand sponsorships.
The TikTok ban will undoubtedly help other social media platforms such as Instagram, Facebook, YouTube, etc.
Yet, the bill is in the process of becoming law.
Stay tuned with us to know more.
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