Trump plans to issue Executive Order reviving TikTok tomorrow
In a social media post, he stated he wants the US Government to be a 50% owner in a new venture
The proposed order would sidestep the bipartisan Congressional bill forcing the divestment of the Chinese-owned app, which was upheld 9-0 by the Supreme Court on Friday. The law mandates hefty fines, in the billions, for companies that disobey the law. TikTok requires the services of numerous tech companies to operate, including Apple, Google, and Oracle. Trump stated that his executive order would indemnify these companies from the law’s fines. It’s not clear if this will be sufficient for companies to resume supporting the app or if the executive order itself is legal. The executive order would extend the deadline for ByteDance, the Chinese owner of TikTok, to find a US buyer by 90 days. In a social media post, Trump stated he wants the US Government to be a 50% owner in the new venture.