Deep-pocketed investors are hesitant to invest in the Trump-supported US ownership proposal for TikTok due to concerns over extensive civil liabilities from impending lawsuits. Law firms have advised potential investors that indemnification from the White House may be necessary due to expected litigation alleging that the deal violates legislation and may incur significant penalties. TikTok's popularity, particularly among American youth, has incited bipartisan efforts to ban the app, reflecting broader national security concerns over data security and influence from the Chinese Communist Party.
"Our lawyers are worried," said one Wall Street executive involved in the deal.
TikTok's emergence, mostly with the youth of America, has been haunting Silicon Valley, Wall Street and Washington for more than five years.
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