ByteDance investors might actually benefit more in divesting from TikTok, at least that is what some US lawmakers claim the "forced sale" will result in.
In a CBS interview on Sunday, Wisconsin Republican Rep. Mike Gallagher argued that there is a "financial interest" for ByteDance investors in the proposed ban of the app in the U.S.
According to Gallagher, the turnover of TikTok to a U.S. company would offer a better user experience and decrease fears of China's propaganda in the app as it moves away from the Beijing-based company.
It is worth noting that the bill pushing to prohibit TikTok in the U.S. primarily aims to ban all ByteDance-owned apps, as well as apps "controlled by foreign adversary companies."
The U.S. also only contributes 10% to TikTok's total market as the majority of its profits come from Asian countries.
TikTok Buyers Pop Up Ahead of App Ban
Several potential buyers have already surfaced over the past days to wrest away TikTok from its parent company, including former Treasury Secretary Steven Mnuchin.
As of press time, TikTok has yet to announce intentions to sell away its U.S. division. Instead, it has been reiterating its earlier warnings that TikTok will face a ban once the bill gets passed.
It is estimated that at least 170 million Americans use TikTok every day. This is in addition to over 7 million U.S. businesses operating on the app, making the platform one of the most profitable social media services in the country.
Also Read : Potential TikTok Buyers Emerge Ahead of App Ban
Senate to Slow Down Deliberation of TikTok Ban
After the rapid approval of the TikTok ban bill in the House of Representatives last week, Congress indicated intentions to slow down in its deliberations.
The New York Times earlier reported that the Senate could hold the proposed ban for weeks or even months as several senators have yet to decide whether to support the bill or not.
Majority of the senators who have yet to declare their position on the bill are set to run for another term in the upcoming 2024 U.S. Elections.
The only notable politician who announced support for the ban while still running for re-election was U.S. President Joe Biden, saying he would sign the bill once it passes Congress.
Related Article : What Happens if TikTok is Banned in the US?
