The House passed legislation that would ban TikTok in the US if its China-based owner, ByteDance, doesn't sell its stake within one year. The bill was added to a larger foreign aid package providing funding for Ukraine, Israel and Taiwan. It is now headed to the Senate. TikTok is expected to challenge the bill in court, arguing it violates the First Amendment rights of its 170 million US users. TikTok CEO Shou Zi Chew pledged in a video to continue fighting for the platform, emphasizing the company's commitment to defending its interests and the community it has built.
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00:00 It's Benzinga, and here's what's on the block.
00:02 The House passed legislation that would ban TikTok in the U.S. if its China-based owner,
00:06 ByteDance, doesn't sell its stake within one year. The bill was added to a larger
00:10 foreign aid package providing funding for Ukraine, Israel, and Taiwan. It is now headed
00:15 to the Senate. TikTok is expected to challenge the bill in court, arguing it violates the
00:19 First Amendment rights of its 170 million U.S. users. TikTok CEO Xiao Zhiqiu pledged in a video
00:25 to continue fighting for the platform, emphasizing the company's commitment to defending its interests
00:30 in the community it has built. The company has suggested that it might pursue legal action,
00:34 arguing that it infringes on the First Amendment rights of its millions of users.
00:38 For all things money, visit Benzinga.com.
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