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Takeaways from the Key Notes
- President Donald Trump signed an executive order Monday delaying the U.S.'s ban on TikTok by 75 days, giving the Chinese-owned social media app time to find a U.S. buyer.
- The grace period follows a volatile few days for the app, which went briefly "dark" over the weekend before Trump, on the eve of his inauguration, announced his plan for the executive order.
- The Supreme Court on Friday upheld a law requiring ByteDance, TikTok's Chinese owner, to sell the app or face a shutdown on national security grounds Sunday.
President Donald Trump signed an executive order Monday delaying the U.S.'s ban on TikTok by 75 days, giving the Chinese-owned social media app time to find a U.S. buyer.
"I am instructing the Attorney General not to take any action to enforce the Act for a period of 75 days from today to allow my Administration an opportunity to determine the appropriate course forward in an orderly way that protects national security while avoiding an abrupt shutdown of a communications platform used by millions of Americans," Trump's order said.
It caps off a volatile few days for this app with 170 millions U.S. customers. It briefly went “dark” After the Supreme Court upheld the law on Friday that forced its Chinese parent ByteDance either to shut down the app for national security reasons or sell it, the company decided not to continue the service over the weekend. The services were returned hours later when Trump, just before his inauguration announced the plan of the executive orders.
"I think the U.S. should be entitled to get half of TikTok," Trump said while signing the executive order Monday.
China reportedly has mulled TikTok sale to Musk
Chinese officials have considered a number of options, including the possibility that TikTok could be re-branded by ByteDance. “trusted non-Chinese party” According to reports, Elon Musk bought the U.S. operation of the app.
TikTok and the Chinese embassy in Washington didn't immediately respond to Investopedia requests for comment.
TikTok CEO Shou Zi Chew attended Trump's inauguration and was seated next to Tulsi Gabbard, who is nominated to serve as director of national intelligence, The Wall Street Journal reported.
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