Public statements or SEC filings from U.S. companies

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.