US President Donald Trump has signed an executive order to temporarily halt the enforcement of a ban on TikTok, effectively delaying its implementation by 75 days. The move comes after the Supreme Court upheld a US law that requires ByteDance, TikTok’s Chinese parent company, to divest the business if it doesn’t comply by a Sunday deadline.
TikTok had previously suspended services for its 170 million US users late last week, complying with the law. However, Trump posted on social media stating his intention to sign an executive order to extend the period of time before the law’s prohibition takes effect.
The extended timeframe will allow Trump to review options for TikTok and pursue a resolution that protects national security while preserving the platform used by 170 million Americans. Trump has also expressed interest in exploring a joint venture with ByteDance, which could potentially impact Meta Platforms (owner of Facebook and Instagram) and Snap Inc. (owner of Snapchat).
The delayed enforcement of the ban may have implications for advertisers and investors, particularly those focused on Meta and Snap. Analysts expect that if TikTok does go dark, its advertising dollars would likely be redirected to other apps.
As of Tuesday afternoon, TikTok is still not available for download from app stores like Apple and Google, but users with existing downloads can access the platform. The future of TikTok’s ban remains uncertain, with Trump’s administration set to review sensitive intelligence related to national security concerns and evaluate mitigation measures taken by ByteDance.
Source: https://www.investors.com/news/technology/tiktok-ban-trump-executive-order-meta-stock-snap-stock