Facing a potential U.S. ban, the popular video app TikTok could be getting a new American owner. Former Treasury Secretary Steven Mnuchin announced plans to form an investor group and acquire the app from its Chinese parent company, ByteDance.
This news follows a vote by the House of Representatives in favor of banning TikTok unless it severs ties with ByteDance. While the legislation faces tougher odds in the Senate, President Biden has indicated his support for a ban if passed.
However, a ban on TikTok isn't universally popular. A survey of over 1,000 small businesses using the platform found that 45% credit TikTok with a significant portion of their success. With over 170 million users in the U.S., TikTok has become an important platform for many businesses.
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