On April 22nd, local time, the U.S. House of Representatives overwhelmingly passed the new H.R.8038 bill, which includes a provision mandating ByteDance to sell its shares of TikTok, or else TikTok will be banned in the United States.
In response, TikTok stated today that it is regrettable that the U.S. House of Representatives is once again pushing through a bill targeting TikTok under the guise of important foreign and humanitarian aid legislation.
"This action will trample the free speech of 170 million Americans and severely impact 7 million businesses. TikTok, a platform that contributes $24 billion annually to the U.S. economy, will face closure," TikTok expressed.
The newly passed bill stipulates that ByteDance must sell its shares of TikTok within 270 days, or TikTok will face a ban. The bill also grants the president an additional 90-day extension authority, meaning ByteDance's longest deadline is only 1 year.
Moreover, the bill has been incorporated into a package of foreign aid legislation, including U.S. military assistance, among others. By bundling the TikTok bill with these measures, the Senate is required to expedite the proposal faster than a standalone bill.
There are also reports suggesting that if the ban ultimately becomes law, ByteDance intends to "explore all legal challenges" before considering any form of asset divestment.
