Price Action: Shares of TikTok rivals Meta Platforms Inc META and Snapchat owner Snap Inc SNAP shot up 2.4% to $202.57 and 5.4% to $10.91, respectively, in after-hours trading. House Foreign Affairs Committee voted to give Biden the power to ban the app.Ī recent Benzinga survey asked users to which app they would shift to if TikTok was banned: 38.3% chose Meta-owned Instagram, 14.8% said they would move to Facebook, 26.3% responded Twitter and 20.6% indicated a move to Snapchat. Negotiations between Cifus and TikTok have reportedly been going on for over two years but are at a stalemate.įormer President Donald Trump tried to force a sale of TikTok to Microsoft, Oracle, and Walmart. user data and content from Chinese government access or influence, according to the report. But ByteDance retains access to a glut of the personal data of past Indian TikTok users, a TikTok employee told Forbes.TikTok said it had set aside $1.5 billion for a program to safeguard U.S. Instagram Reels and YouTube Shorts both shot up in popularity in India immediately following its ban, while new apps looking to duplicate TikTok’s format also gained millions of users.

data has never been shared with the Chinese government, and has promised to store U.S. Fighting against legislation in Congress that would give the Biden Administration the power to ban certain foreign-owned technology, TikTok insists U.S. barred TikTok from being downloaded on government-issued devices last month. India banned TikTok in June 2020 to “ensure safety and sovereignty of Indian cyberspace,” citing data privacy concerns for private citizens. Forbes investigations in recent months revealed ByteDance used TikTok to spy on American citizens, including Forbes reporters, actions now under probe by the FBI and Justice Department. TikTok has drawn scrutiny due to fears the Chinese government could access data collected by the increasingly popular app. The Biden Administration has demanded ByteDance must sell TikTok or the app will face a possible nationwide ban, according to reports last week.

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