Biden signs TikTok ‘ban’ bill into law, starting the clock for ByteDance to divest it

President Joe Biden signed a foreign aid package that includes a bill that would ban TikTok if China-based parent company ByteDance fails to divest the app within a year. The divest-or-ban bill is now law, starting the clock for ByteDance to make its move. The company has an initial nine months to sort out a deal, though the president could extend that another three months if he sees progress.

The House packaged the TikTok bill — which upped the timeline for divestment from the six months allowed in the earlier version — with foreign aid to US allies, which effectively forced the Senate to consider the measures together. The longer divestment period also seemed to get some lawmakers who were on the fence on board.

Law Law Latest News, Law Law Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

TikTok faces nationwide ban as US House passes divest-or-ban billIf the legislation becomes law, ByteDance will have nine months to find a buyer for the video-sharing app with an extension of three months.
Source: IntEngineering - 🏆 287. / 63 Read more »

TikTok Ban Approved by US Senate Awaits President Biden’s SignatureThe TikTok ban bill has passed the House and the U.S. Senate, with the legislation now awaiting the signature of President Joe Biden.
Source: comingsoonnet - 🏆 578. / 51 Read more »