'Lawmakers Seek To Force ByteDance To Divest TikTok Or Face U.S. Ban' - Reuters News
Portfolio Pulse from Benzinga Newsdesk
U.S. lawmakers are proposing legislation to force ByteDance to divest TikTok within six months or face a U.S. ban. The bill, supported by a bipartisan group, aims to address national security concerns related to Chinese ownership of the app. It would make it unlawful for app stores like those operated by Apple and Google to offer TikTok or provide services to ByteDance-controlled apps. The bill also grants the president powers to ban or restrict apps posing national security threats. This move follows previous unsuccessful efforts to regulate or ban TikTok, despite the White House's support for such measures.

March 05, 2024 | 5:33 pm
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NEGATIVE IMPACT
Apple's App Store may no longer offer TikTok or provide services to ByteDance apps if the proposed legislation passes, potentially affecting Apple's app ecosystem.
Apple's App Store is a significant part of its services segment, and any restrictions on popular apps like TikTok could impact user engagement and revenue from the App Store.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Google's Play Store faces potential restrictions on offering TikTok or providing services to ByteDance apps under the new bill, which could affect Google's app platform.
Google's Play Store is crucial for Android's ecosystem, and losing access to TikTok could decrease user engagement and revenue derived from app-related services.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70