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After Congress and President Biden passed legislation to ban TikTok, an appeals court supported the decision. Apple Inc. (NASDAQ: AAPL) and Google may have to remove the TikTok app from their app stores. A recent letter telling the two tech giants to do so came from the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party. The committee’s two leaders, Rep. John Moolenaar (R-Mich.) and Rep. Raja Krishnamoorthi (D-Ill.) signed it.
24/7 Wall St. Key Points:
- A recent letter from Congress asked Apple Inc. (NASDAQ: AAPL) and Google to remove the TikTok app from their app stores.
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In the letters to Tim Cook, the CEO of Apple, and Sundar Pichai, the CEO of Google, which Alphabet Inc. (NASDAQ: GOOGL) owns, the committee wrote: “Under U.S. law, [Apple and Google] must take the necessary steps to ensure it can fully comply with this requirement by January 19, 2025.” That is the deadline Congress set for TikTok to stop operating in the United States. They reminded TikTok that it was given a year to either shutter its operation in the United States or sell TikTok to an American company.
In another letter to TikTok CEO Shou Chew, the committee wrote, “Congress has acted decisively to defend the national security of the United States and protect TikTok’s American users from the Chinese Communist Party.” Members of Congress have charged TikTok with using its app to spy on its U.S. users.
People who have already downloaded the app can use it, but TikTok can no longer support it, which means it eventually will not work.
One wrinkle to the enforceability of the letters is that the incoming president may work to reverse the ban.
TikTok has 170 million users in the United States, meaning it has about the same number of users as Instagram. TikTok parent ByteDance was recently valued at $300 billion. It is unclear how much of that is due to TikTok’s U.S. valuation.
ByteDance says it will not sell TikTok, but it may not have an option next month.
The Stocks That Win From TikTok’s Unexpected Retreat
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