A court has upheld a ruling that would ban TikTok in the United States.
Transcript:
Conway Gittens: The tech-heavy Nasdaq closed out the week at a record high. Consumer sentiment jumped to its highest since April. While there is optimism over what could come during a Trump administration, there’s also increased worry about a resurgence in inflation.
Speaking of inflation, next week we get both the Consumer Price Index and the Producer Price Index.
In other news, the clock is ticking on TikTok’s future in the United States. A federal appeals court has upheld a ruling that could stop TikTok from operating here unless ownership switches from Chinese hands to American hands.
The court rejected a TikTok claim made in the appeal that its First Amendment right was being violated by the forced sale. In its ruling the court said “The First Amendment exists to protect free speech in the United States. Here the Government acted solely to protect that freedom from a foreign adversary nation and to limit that adversary’s ability to gather data on people in the United States.”
Not happy with its appeal, ByteDance, the Chinese owner of TikTok, vowed to take its fight all the way to the Supreme Court.
The outgoing Biden administration gave ByteDance until January 19th to either find a seller or face an outright ban. And even though ByteDance’s trouble actually began under the first Trump White House, it appears the incoming second Trump White House has changed its tune.
Trump now sees TikTok as a foil to Mark Zuckerberg’s Meta, which he thinks has grown too powerful. He told supporters he wants to save TikTok.
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