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  • btc = $60 434.00 - 994.50 (-1.62 %)

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  • ton = $5.27 -0.17 (-3.06 %)

25 Apr, 2024
1 min time to read

President Joe Biden has signed a foreign aid package, including a bill that could effectively ban TikTok in the US if China-based parent company ByteDance fails to divest the app within a year.

The new legislation mandates ByteDance to divest TikTok within nine months to a year to avoid the app's prohibition in the US. The clock is now ticking for ByteDance to make the necessary moves.

Originally passed by the House of Representatives as a standalone bill, it had uncertain prospects in the Senate. However, it gained momentum when it was included in the foreign aid package, forcing the Senate to consider it along with other important issues.

The revised bill extends the divestment timeline from six months to nine months, which helped garner support from lawmakers who were previously undecided. Now, ByteDance has a window of opportunity to negotiate divestment arrangements, with the possibility of a three-month extension if there is substantial progress.

TikTok spokesperson Alex Haurek stated that the company will continue to invest and innovate to ensure that TikTok remains a safe platform for users.

Make no mistake, this is a ban,

TikTok CEO Shou Chew emphasized in a video posted on the platform.

A ban on TikTok and a ban on you and your voice.