Who Could Buy TikTok? Here’s Who’s Been Floated As A Potential Buyer As Biden Signs Ban Bill Into Law.President Joe Biden signed legislation that could ban TikTok in the U.S. Wednesday as part of a hotly debated foreign aid package—but there are several ways a ban could never actually happen.
It’s unlikely TikTok, or the Chinese government, will agree to the terms—the company has criticized the proposal as a free speech violation and a blow to the economy and has spent $5 million on ads against the legislation since mid-March, according to the ad-tracking firm AdImpact, while the Chinese government has also expressed resistance to a forced sale and would need to approve the transaction.
The company has indicated it could challenge the legislation in court, with TikTok CEO Shou Zi Chew telling users in a video last month the company will “continue to do all we can, including exercising our legal rights, to protect this amazing platform that we have built with you.
Some measures to restrict TikTok on more narrow grounds have been successful in the face of court challenges, including Texas’ law prohibiting state employees, including public university staffers, from using the app on their state-issued devices, with a federal judge in December rejecting an attempt to reverse the restrictions.