After years of a will-they-won’t-they conflict, congress passed a new bill that would ban TikTok for good. This new bill’s controversy has sparked up new debate surrounding the role of TikTok in the lives of Americans…
Leaving the future of the app up for debate.
Here’s the story…
What Does The Potential TikTok Ban Bill REALLY Mean?
On April 23, 2024, Congress passed a bill that would require TikTok to be sold to an American buyer or face a nationwide ban. The biggest concern that lawmakers have surrounding the app is that the security of Americans’ data is at risk.
The claims of data being stolen, while unfounded, have united both sides of the aisle to push forward a potential TikTok ban through the bill.
TikTok has until April 19th of 2025 to find a seller or risk being erased from app stores across the country.
With just under 150 million active users in the United States alone, many users have been vehemently against the bill.
After all, thousands of individuals rely on income from TikTok for their livelihood. Whether it’s from sponsorships or marketing their small businesses…
The threat of a ban has many people worried about the state of their fiscal futures.
This new bill begs the question… Will TikTok actually sell, or face the ban?
Will TikTok Sell?
ByteDance, TikTok’s parent company, is valued at over $225 billion…
Which makes finding an American buyer for the app incredibly difficult due to the hefty price tag.
At the time the bill was passed, Former Treasury Secretary Steven Mnuchin planned on putting together a team of private equity firms to buy the app.
But that’s not the hard part…
THE BIGGEST CHALLENGE IS GETTING TIKTOK TO SELL IN THE FIRST PLACE.
Rumors briefly floated around that ByteDance was thinking about selling the app…
But without the algorithms that made it so successful in the first place.
However, the company put an end to the rumors…
SHARING THAT THEY HAD NO INTENTION OF SELLING THE APP AT ALL.
Instead, they plan to legally challenge the bill in US courts.
This isn’t the app’s first rodeo. When another bill tried to ban TikTok in 2020, the company was able to fight off the ruling in the court, stating that the ban was an attack on free speech.
Now, they’re suing the federal government again, claiming that the law is “so obviously unconstitutional”.
The Future Of The Social Media Giant
Thus far, there’s still no guarantee that the new bill will completely ban TikTok…
But it’s clear that for one of the world’s biggest social media platforms…
The clock is ticking.
Be Great,
GCTV Staff
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