close
close

TikTok and US Justice Department push for quick legal action on divestment law: report

0


20-year-old professional trader reveals his “MoneyLine”

Forget your indicators and use the “MoneyLine”. One simple line tells you when to buy and sell without guessing. It's a line on a chart that helped Nic Chahine win on 83% of his options purchases. That's how he does it.


The US Department of Justice and Tick ​​tock They have reportedly asked a US appeals court to expedite the legal process regarding a new law requiring parent companies Byt Dance to divest TikTok's US assets by a certain date or face a ban.

What happened: The US Department of Justice and TikTok, along with its parent company Byte Dance and a group of TikTok content creators have asked the US Court of Appeals for the District of Columbia to expedite the trial, reported Reuters. The law in question requires ByteDance to divest TikTok's US assets by January 19, 2025 or face a ban.

The parties have proposed an expedited timeline to ensure a decision by Dec. 6 and allow them to seek review from the Supreme Court before the U.S. deadline if necessary. The move is intended to resolve the legal challenge without having to seek an emergency injunction, TikTok reportedly said.

The law signed by the President Joe Biden On April 24th, more app stores will be banned Apple Inc. And Google by Alphabet Inc from offering TikTok and prohibits internet hosting services from supporting TikTok unless ByteDance divests TikTok. It passed overwhelmingly in Congress amid concerns that China could access or spy on Americans' data through the app.

The company had previously admitted this in its lawsuit Xi Jinping's Chinese Communist Party wouldn't allow it to sell the algorithm that powers TikTok.

Why it matters: On Tuesday, a group of TikTok creators filed a lawsuit to block the law, saying it has had a profound impact on American life.

The platform has been at the center of a geopolitical tug-of-war, with the U.S. government raising national security concerns over ByteDance's ties to China. CEO of TikTok Shou Zi Chew has been vocal, declaring in a video that the company won't give in without a fight.

The courts now face a crucial decision as they must balance national security concerns against freedom of expression. With nearly 170 million users in the U.S., the outcome of this litigation is expected to have far-reaching impacts on digital platforms and user rights.

For more of Benzinga's consumer tech coverage, follow this link.

Continue reading: Tesla's factory expansion in Germany receives approval from the local council despite protests

Photo courtesy: Shutterstock


Developed by Benzinga Neuro, Published by Anan Ashraf


The GPT-4-based Benzinga Neuro content generation system leverages the extensive Benzinga ecosystem, including native data, APIs and more, to create rich, timely stories for you. Learn more.



20-year-old professional trader reveals his “MoneyLine”

Forget your indicators and use the “MoneyLine”. One simple line tells you when to buy and sell without guessing. It's a line on a chart that helped Nic Chahine win on 83% of his options purchases. That's how he does it.


ENTER TO WIN $500 IN STOCKS OR CRYPTO

Enter your email to also get Benzinga's Ultimate Morning Update AND a free $30 gift card or more!

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.