Venezuela’s Supreme Court has levied a $10 million fine against ByteDance-owned TikTok for its alleged failure to curb the spread of hazardous viral challenges.
What Happened: On Monday, Magistrate Tania D'Amelio said that TikTok has eight days to remit the fine to the National Communications Commission (Conatel), reported CNN.
The funds will be used to create a special fund to compensate victims of these viral challenges, which reportedly led to the deaths of three children.
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Additionally, the court has mandated that TikTok establish an office in Venezuela for representation.
The ruling did not specify the repercussions if TikTok fails to comply. TikTok did not immediately respond to Benzinga's request for comments.
Why It Matters: TikTok is also facing scrutiny in the U.S., where President-elect Donald Trump has sought a “political resolution” to delay a potential ban on the app.
The U.S. Supreme Court is set to hear arguments on a law that could require ByteDance to divest its U.S. operations by Jan. 19.
There have been reports and rumors of several individuals and companies eyeing TikTok's U.S. operations, including billionaire Frank McCourt, who pledged up to $20 billion, Kevin O'Leary with a $20–$30 billion bid, Rumble CEO Chris Pavlovski, and former Activision Blizzard CEO Bobby Kotick.
Companies like Oracle, Walmart, Microsoft, and Amazon have also been mentioned as potential contenders.
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