TikTok CEO Assures Overcoming US Ban; Says “We Aren’t Going Anywhere”
TikTok CEO Shou Zi Chew has assured the users of the application that the company will fight and overcome the US ban. According to Reuters, the CEO stated that the social media business anticipates winning a legal battle to overturn a bill that President Joe Biden signed into law. The current ban would outlaw the company’s well-known short video app, which is used by 170 million people in the United States.
TikTok CEO Assures Users
Reuters also highlights that CEO Shou Zi Chew declared in a video uploaded shortly after Biden signed the bill giving China-based ByteDance 270 days to sell off its American assets or risk being banned. “Rest assured—we aren’t going anywhere,” Chew said. “The facts and the Constitution are on our side and we expect to prevail again.”
Read Also: Changpeng Zhao and Jim Bell Could Share FDC SeaTac Facility
US Bans TikTok Over Privacy Concerns
The statement by TikTok’s CEO comes after earlier in the day a bill approved by US President Joe Biden which requires Chinese company ByteDance, the owner of TikTok, to sell its stake in the app within a year of the law’s inception. As part of a comprehensive legislative package that includes relief for Israel and Ukraine, the social media platform may face a ban from the United States if it violates the aforementioned regulations. After the House’s overwhelming vote over the weekend, the Senate made the final cut by a vote of 79–18.
Additionally, an extra provision in the law gives ByteDance nine months to find a buyer for TikTok. A further ninety days are allowed after the transaction is finished. If not, using the TikTok app in the US will be prohibited by Google Play and the App Store. This action is a result of Huawei’s concerns regarding data security and national security, which are related to its loyalty to China.
The influence and economic impact of TikTok in the United States have been the subject of much study. A few weeks ago, TikTok published an economic impact report in which it stated that it brought in $14.7 billion for small and medium-sized U.S. companies. For artists and small companies around the nation, the site has proven to be an invaluable resource for promotion.
Read Also: Meta’s Continued AI Spending Spree Overshadows Robust Q1 Earnings
The post TikTok CEO Assures Overcoming US Ban; Says “We Aren’t Going Anywhere” appeared first on CoinGape.
