TikTok: Latest News and Developments - TheStreet

TikTok to Sue Trump Administration? Latest News

Author:
Publish date:
Video Duration:
1:05

TikTok, a video-sharing platform, is reportedly planning to sue the Trump administration over its executive order to ban the app. NPR reported that Tiktok could file a federal lawsuit as soon as Tuesday.

However, the company hasn’t commented yet. But last week, it said it was “shocked” by the president’s order.

On August 6, Trump signed executive orders the would ban TikTok and WeChat in 45 days, unless they are sold by their parent companies.

Tencent, a leading gaming company, owns WeChat whereas ByteDance owns TikTok. Tencent has also invested in Epic Games, which is known for extremely popular video game Fortnite. Besides that, the company also owns a music streaming business, Tencent Music  (TME) - Get Report , which went public on Wall Street in 2018.

It’s worth noting that Microsoft  (MSFT) - Get Report is planning to purchase TikTok by September 15, a deadline given by Trump. However, Twitter  (TWTR) - Get Report is also reported to be in talks to buy TikTok, which had a positive effect on its share price

As the TikTok ban drama continues, last week, another social media giant Facebook  (FB) - Get Report launched Instagram Reels in the U.S and over 50 countries, which TikTok CEO Kevin Mayer slammed as a "copycat product."

"Facebook is even launching another copycat product, Reels (tied to Instagram), after their other copycat Lasso failed quickly," Mayer wrote in a blog post.

TikTok has been grabbing headlines for a few months now. In June, India banned TikTok along with other 58 Chinese apps citing “national security concerns.”

Latest Videos From TheStreet and Jim Cramer: