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VisitCanada Orders TikTok to Dissolve Operations; App Access Remains Unblocked
Nov 7, 2024, 01:07 AM
Canada has ordered TikTok Technology Canada Inc., a subsidiary of Chinese-owned ByteDance, to wind up its operations in the country following a comprehensive national security review under the Investment Canada Act. Innovation Minister François-Philippe Champagne announced the decision, stating that while Canadians will still be able to access the TikTok app and create content, the government is mandating the dissolution of TikTok's Canadian business operations. TikTok responded by stating it will challenge the order in court, arguing that shutting down its Canadian offices and eliminating hundreds of local jobs is not in anyone's best interest.
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Markets
No • 50%
Yes • 50%
Official announcements from the Canadian government or major news outlets
No • 50%
Yes • 50%
Official announcements from TikTok or the Canadian government
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No • 50%
Canadian court rulings and official announcements from TikTok or the Canadian government
Operations fully ceased • 25%
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Operations continue as is • 25%
Operations significantly reduced • 25%
Official announcements from TikTok or the Canadian government
Major job losses • 25%
No significant change • 25%
Other outcome • 25%
Moderate job losses • 25%
Employment reports and official announcements from TikTok or Canadian labor statistics
Other outcome • 25%
TikTok wins, order overturned • 25%
TikTok loses, order upheld • 25%
Settlement reached • 25%
Canadian court rulings and official announcements from TikTok or the Canadian government