TikTok is going to the U.S. Supreme Court in a last-ditch effort to block a federal law requiring the Chinese-owned app to either shut down or be sold to an American company by January 19. CBS News MoneyWatch correspondent Kelly O'Grady has more.
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00:00Alright, let's talk about TikTok, taking that legal battle to the U.S. Supreme Court, the federal government has ordered the Chinese-owned app to shut down or be sold to an American company by January 19th, citing national security concerns.
00:11CBS News Money Watch correspondent Kelly O'Grady is here with more. Good to see you.
00:15Good to see you, too.
00:16Alright, so let's talk about this emergency. I mean, they're going to the Supreme Court. Why?
00:21I mean, this is really the last ditch effort to temporarily halt this ban. They already went the federal appeal route. Of course, they lost that.
00:27So the Supreme Court's kind of that last legal path. They're arguing that this is a First Amendment right issue, that without this, you know, our right to free speech will be infringed upon.
00:39Now, I've talked to legal experts and they're saying, you know, that's kind of a weak argument here because, of course, you and I could go to Instagram, we could go to X, there's a lot of different platforms.
00:49But this is the argument they're going to make. They've asked the Supreme Court to give them a decision by January 6th because, of course, that ban is coming January 19th.
00:57So the president-elect met with the CEO of TikTok back in March, I think, in Mar-a-Lago. What came of that meeting?
01:06So, actually, he met with him yesterday.
01:09Oh, he met with him yesterday.
01:10Yes. So, of course, you know, this is one of the many tech CEOs that are sort of coming down to Mar-a-Lago and talk through it.
01:16We don't have details on exactly where president-elect Trump's head is coming out of that meeting, but in that press conference that Caitlyn was at, there was talk of, you know, hey, what are you going to do here?
01:27And he says he has a soft spot for TikTok.
01:29I think this is really interesting, Vlad, because remember his first administration, he wanted to ban it.
01:33Yeah.
01:34And now we're sort of seeing this change happen.
01:37Of course, he does take office a day after that ban would go into effect.
01:40But remember, this law had a lot of bipartisan support to ban the app.
01:44So what would be the potential economic impact of banning TikTok?
01:48So there's a lot of small businesses, a lot of influencers that utilize this app to either bring customers in or make their money.
01:56And those folks actually testified on Capitol Hill.
01:58Yes, and in fact, actually, there's eight individuals that also filed suits with the Supreme Court in support of this.
02:05You are seeing that it's not just the company doing this.
02:07I do think you would see a lot of those companies and influencers there probably already are on Instagram and some of these other apps.
02:14For TikTok, I mean, this would be a big deal.
02:16The U.S. is a huge market.
02:17Of course, there's this whole question of would they sell.
02:19But by chance, the Chinese parent company is not willing to give up that algorithm.
02:23That's where the value is.
02:24So it's a little tough spot they're in.
02:26You're right, because the idea would be what U.S. lawmakers want to see them is divest from TikTok itself and have a U.S. owner, for example.
02:33Exactly.
02:34By chance could continue on, but there would be another entity operating TikTok here in the United States.
02:38That's correct.
02:39Yeah.
02:40All right, we'll see how it all plays out.
02:41I won't be able to influence my 300 followers on TikTok.
02:45I don't know what I'm going to do, Kelly.
02:46My zero followers.
02:47So you and I are both in the same boat.
02:49Thank you very much.
02:50Good to see you.