YOUR BUSINESS AUTHORITY
Springfield, MO
The United States is now one step closer to banning TikTok or forcing a sale. There’s just one pesky little $100 billion problem: Who’s gonna buy this thing?
Technically, the legislation that passed overwhelmingly in the House on Wednesday is a cudgel that seeks to force TikTok’s Chinese parent company, ByteDance, to sell the app to a non-Chinese entity. If it fails to do so within six months of the law going into effect, U.S. app stores would be prohibited from offering TikTok nationwide.
To be clear, a sale is not imminent. The bill faces an uncertain path in the Senate, where many lawmakers have said they’re uncomfortable with meddling in business affairs and putting limits on free speech. And even if it were to make it to President Joe Biden’s desk, the government in Beijing has said unequivocally that it would oppose a forced sale.
Read more from CNN.
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