TikTok’s China-based parent company may have to sell the popular social media platform.
The United States Senate passed a bill requiring ByteDance to divest its stakes in TikTok within nine months or face the app being banned from U.S. stores. Congress included the divestment requirement in a $95 billion security package that provides foreign aid to Ukraine and Israel. President Joe Biden has indicated he will sign the bill into law. The ban could go into effect as early as January 2025, but Biden can grant an extension. TikTok possibly losing access to the American market would likely have a major impact on the music industry. Many songs became hits thanks to users incorporating the records into dance and challenge videos.