Once again, the U.S. government is aiming to shut down TikTok unless divested from Beijing-based ByteDance. But the company has made clear it has no intention of selling.
The proposed bill deliberately targets apps from countries seen as foreign adversaries. Chinese companies like Tencent and PDD Holdings may face similar challenges if the bill becomes law.
Legislation requiring ByteDance to divest its ownership stake in TikTok is fast-tracked in Congress. Biden intends to sign, impacting Chinese companies with U.S. ambitions.
The legislation gives ByteDance close to a year to divest of TikTok, setting a benchmark for future challenges faced by Chinese tech companies in the U.S.
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