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TikTok on the verge of extinction: Court rejects urgent application – what comes next!
TikTok is battling a looming ban in the US as a potential buyer moves forward with its plans. Current developments.
TikTok on the verge of extinction: Court rejects urgent application – what comes next!
A US appeals court on Friday, December 14, 2024, rejected TikTok's emergency motion to halt the impending ban in the US. The decision forces TikTok and its parent company ByteDance to quickly go to the Supreme Court to stop the looming ban, which may take effect as early as next month. The judges also ruled that a law was legal that instructs ByteDance to sell its US business by January 19, 2025, otherwise the platform, which has 170 million users in the US, will be blocked nationwide. According to experts, ByteDance prefers closing the service to selling it because of the current tense political situation, especially with Donald Trump, who will take office on January 20 and has previously tried to ban TikTok.
Meanwhile, real estate tycoon Frank McCourt plans to acquire TikTok to revamp the platform under the leadership of “Project Liberty.” McCourt has expressed interest in TikTok in the past and is now actively seeking investors to further his plans. He has about $20 billion in capital at his disposal and is talking to several large investors about a possible takeover. Despite the uncertainties surrounding possible approval from the Chinese government, McCourt seems determined to put TikTok on a decentralized basis. However, it remains unclear whether ByteDance is actually prepared to sell the business, as there is currently no sign of any intention to sell The Verge reported.
The challenge for TikTok
The impending legal battle puts both TikTok's future in the US and ByteDance's plans in a delicate position. The platform faces not only the ban, but also deep skepticism over its data security practices, which has raised significant concerns in the US and other countries in recent years. The Chinese government is accused of misusing users' personal data for its own purposes, which further complicates the situation for TikTok. The coming weeks could be crucial for the future of the popular app, and it remains to be seen how the situation will develop oe24 determines.