I=7
- The House of Representatives passes a bill that could lead to a nationwide ban of TikTok, unless it divests from its parent company within 180 days.
- The Bill now proceeds to the senate, where its fate is uncertain.
Assessment
I initially underestimated this bill given the no-action on another related bill, Deterring America’s Technological Adversaries(DATA), which only gave President Biden the power to ban TikTok. But based on how swift the new bill was passed, it looks like it’s more superior than DATA. Also, the White House has asked the Senate to quickly vote on the bill, saying they will provide them with any needed technical assistance, with Biden saying he will sign the bill if it reaches his desk. This comes despite the Biden Campaign having a TikTok account. But I suppose the Biden administration is against anything supported by Trump. Recently, Trump said he was against TikTok ban since it would enable Meta Platforms to win.
Already, investors including former treasury secreatary Steven Mnuchin, OpenAI CEO Sam Altman and former Activision Blizzard CEO Bobby Kotick have expressed interest in buying TikTok.
However, I still conisider the posibility of a TikTok ban low (maybe 40%) given the public opinion and the fact that U.S is in an election year.