In a dramatic turn of events, “Shark Tank” investor Kevin O’Leary has made headlines by offering a staggering $20 billion in cash to acquire TikTok, the popular social media platform currently owned by China’s ByteDance. This move comes as the app faces mounting pressure to divest from its Chinese parent company or risk being banned in the United States.
U.S. Lawmakers Push for Divestment Over Security Concerns
TikTok, which boasts over 170 million users in the U.S., has been under fire from Congress due to national security concerns. Lawmakers have raised alarms over data mining practices and potential ties to the Chinese government. As a result, a bipartisan bill to ban the app passed easily in both chambers last year. The legislation mandates ByteDance to either sell TikTok’s U.S. operations or see it removed from app stores and hosting services.
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While ByteDance attempted to appeal the ban in the U.S. Supreme Court, their efforts were thwarted. On Friday, the court upheld the legislation, citing national security risks. The opinion read: “Congress has determined that divestiture is necessary to address its well-supported national security concerns regarding TikTok’s data collection practices and relationship with a foreign adversary.”
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