On Wednesday, President Joe Biden signed legislation that may result in a nationwide ban on TikTok. This action follows the U.S. Senate's approval of the measure, which is part of a larger bill supporting Ukraine, Israel, and other U.S. allies.
The bill was passed by the Senate with a significant bipartisan majority of 79-18, following the House of Representatives' approval last weekend. The legislation could lead to a ban on TikTok in the U.S. if the app remains under the control of its Chinese parent company, ByteDance Ltd.
If the ban is passed then this is good news for other TikTok’s competitors like #Meta and #X. There are some US investors offering to buy and take over TikTok’s US operations like Steven Mnuchin, who served as Treasury secretary in the Trump administration, and “Shark Tank” reality-TV personality Kevin O’Leary.