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TikTok Shop is an e-commerce feature of the video hosting service TikTok. Officially launched in September 2023, [1] the feature enables users interested in starting a business and generating income to upload their curated products on TikTok for others to discover and purchase. [2] Daily sales averaged approximately US$ 7 million in October 2023.
A new subsidiary, TikTok U.S. Data Security Inc. (USDS), was created to manage user data, software code, back-end systems, and content moderation. It would report to the Committee on Foreign Investment in the United States (CFIUS), not ByteDance or TikTok, even for hiring practices.
The result was that TikTok owner ByteDance—which initially planned on selling a small portion of TikTok to an American company—agreed to divest TikTok to prevent a ban in the United States and in other countries where restrictions are also being considered due to privacy concerns, which themselves are mostly related to its ownership by a ...
The new law grants ByteDance up to a year to sell TikTok, and if the parent company does not divest from the app by then, a nationwide ban would go into effect. So, it would take at least a year ...
If the Senate passes the bill and President Joe Biden signs it into law, ByteDance, TikTok's China-based parent company, would have to sell the app to an American company within six months ...
Discussion about the sell-or-ban TikTok bill began to circulate on social media last month, after the U.S. House of Representatives overwhelmingly passed the bill with a vote of 352-65.
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