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U.S. Congress Passes Bill Requiring ByteDance to Divest U.S. Assets Over TikTok Concerns
May 6, 2024, 08:38 PM
The U.S. Congress has passed a bill mandating ByteDance to divest all its U.S. assets within 270 days, in response to concerns over China's potential access to U.S. user data through TikTok. This legislative action reflects a broader trend of increasing scrutiny and restrictions on Chinese technology in the U.S., including TikTok, semiconductors, and electric vehicles. The bill, which has been signed into law by President Biden, aims to address national security concerns by limiting Chinese influence and control over American technological assets.
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Microsoft • 25%
Facebook • 25%
Google • 25%
Other • 25%
US tech company • 33%
International tech company • 33%
Private equity firm • 34%
ByteDance retains majority ownership • 25%
ByteDance divests majority stake • 25%
ByteDance sells TikTok • 25%
No change in ownership • 25%
Owned by ByteDance • 33%
Owned by U.S. company • 33%
Owned by consortium • 33%
Owned by ByteDance • 25%
Sold to U.S. Tech Company • 25%
Sold to Non-Tech U.S. Entity • 25%
Other Foreign Non-Adversary • 25%
ByteDance complies • 50%
ByteDance does not comply • 50%