TikTok will shut down its app for American users on Sunday, January 19th, coinciding with the enforcement of a U.S. law banning the app. This move surpasses the law’s requirements, which ban new downloads and updates. Beijing-based ByteDance owns TikTok. It will direct users to a page explaining the ban and offer data download options. The law, signed by President Biden in April 2024, also mandates ByteDance divest its U.S. operations. Concerns over user data security and potential ties to Chinese government espionage have fueled the ban. ByteDance's Xiaohongshu and Lemon8 apps have surged in popularity.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02TikTok will shut down its app for American users on Sunday, January 19th,
00:06coinciding with the enforcement of the U.S. law banning the app.
00:09This move surpasses the law's requirements, which ban new downloads and updates.
00:14Beijing-based ByteDance owns TikTok.
00:16It will direct users to a page explaining the ban and offer data downloads options.
00:20The law, signed by President Biden in April 2024,
00:23also mandates ByteDance divest its U.S. operations.
00:26Concern over user data security and potential ties to Chinese government espionage
00:31have fueled this ban.
00:33ByteDance...
00:35For all things money, visit Benzinga.com slash GSTV.