A law that could lead to a national ban of TikTok or require the Chinese-owned app to be sold to an American company cleared the Senate last week and was signed by the president Wednesday, but China is calling foul. Under the legislation the company, ByteDance, must sell its stake in TikTok within a year. The Chinese government would have to approve the sale, and that’s not likely. WRCR market analyst Ken Mahoney of Mahoney Asset Management in Chestnut Ridge says the 170 million American users aren’t likely to soon lose access to the popular social media platform…
TikTok has already vowed to challenge the law in court, calling it unconstitutional. According to the Associated Press, a Chinese Foreign Ministry spokesperson yesterday said China firmly rejects the U.S. law, particularly the aid the same law gave to Taiwan. The spokesman noted the “legislation undermines the principles of market economy and fair competition…[revealing] the bullying nature” of the United States, and added China will take forceful steps to defend its own security and development interests. TikTok is the 4th largest social media site in the U.S., behind Facebook, YouTube and Instagram.