"The clock is officially ticking. President Biden signed a law into effect Wednesday that will force ByteDance, the Chinese parent company of TikTok, to divest the popular video-sharing app within a year or face a nationwide ban in the US. ByteDance has been given nine months to find a buyer, with a possible extension period of three months. The bill is part of a larger foreign policy package that includes $95bn in aid for Israel, Ukraine and Taiwan."
""Aligning interests might be tricky, as ByteDance will seek a buyer who can maintain TikTok's global appeal and innovative edge - while also satisfying US regulatory requirements regarding data security and operational independence," says Christopher Bouzy, founder and CEO of an emerging social media platform called Spoutible. With bipartisan support behind the effort to force a sale, some experts believe that the US government itself might aid the video-sharing app in its quest to secure an acquisition."
President Biden signed a law requiring ByteDance to divest TikTok within a year or risk a nationwide US ban. ByteDance has nine months to find a buyer, with a potential three-month extension. The mandate is part of a broader foreign policy package that includes $95 billion in aid for Israel, Ukraine and Taiwan and passed the Senate 79-18. ByteDance is expected to challenge the decision in court while aggressively seeking a buyer. Potential buyers must preserve TikTok’s global appeal, meet US data-security and operational-independence requirements, and may face remediation demands that could deter acquisition.
Read at The Drum
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