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Congress is working to BAN TikTok.
This could force TikTok’s U.S. app to be separated from its Chinese owner.
The Energy & Commerce Committee approved the bill with a vote of 50-0. And the House Majority leader plans to hold a floor vote.
Let’s start with a little background…
TikTok is the social media app owned by ByteDance (private).
ByteDance is a Chinese company valued at $228 billion. That makes it worth more than Pepsi, McDonald’s and Walt Disney.
Last year the company generated sales of $110 billion. That’s similar to Meta Platforms (NASDAQ: META).
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It appears that people have 1-of-2 opinions on TikTok.
Opinion #1. TikTok Is a Great Social Media App
People who LOVE TikTok hate this proposal.
They love using the app to watch videos. Meanwhile, businesses using the app for marketing love the platform.
This is a huge audience of 150 million Americans. And they’re calling Congress to voice their opposition.
Opinion #2. TikTok Gives China Access to Data
ByteDance is based in China.
The Chinese government has extreme control over the social media app. And this gives is access to extreme amounts of data on American citizens.
China bans apps from Meta Platforms and Snapchat. And the U.S. should similarly ban China’s ByteDance.
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Will TikTok Be Banned?
It’s unknown if the bill will be passed by the House and Senate. And signed into law by the President.
IF the bill becomes a law – it would require that TikTok USA…
- Spin off into a separate American company
- Stop being accessible within 6-months
It’s likely that TikTok will NOT be shutdown.
The American version of the app could be worth over $100 billion.
ByteDance has raised $7 billion from investors – including prominent venture capital firms.
These investors will lose billions IF TikTok is shutdown. But that won’t happen.
Here’s my prediction…
TikTok USA will become a new company. Backdoor connections to the Chinese government will end.
TikTok will IPO and “go public” on the Nasdaq.
The app will remain the same. And you’ll even be able to buy stock in the company.
You can’t buy TikTok today…
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Ian