Zinger Key Points
- Trump is considering is an executive order that would suspend the TikTok ban for 60 to 90 days.
- Trump would like to be seen “making a deal” to save the popular social media app, according to a source familiar with the matter.
- Get daily trade setups, exclusive stock picks, and real-time alerts today.
President-elect Donald Trump is considering issuing an executive order aimed at rescuing TikTok from being banned from U.S. app stores in four days.
What To Know: According to the Washington Post, sources familiar with the matter said Trump is brainstorming strategies to save TikTok from the law signed by President Joe Biden set to ban the app on Sunday.
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One of the strategies Trump is considering is an executive order that would suspend enforcement of the law for 60 to 90 days. One source said the president-elect would like to be seen "making a deal" to save the popular social media app.
It is not clear whether an executive order would keep TikTok in U.S. app stores, overriding a law passed by Congress.
"TikTok will still be banned, and it will still be illegal for Apple and Google to do business with them. But it will make the president's intention not to enforce the law that much more official," Alan Rozenshtein, a former national security adviser to the Justice Department, told the Washington Post.
What Else: A Bloomberg report on Monday suggested that Elon Musk is in talks with Chinese officials regarding a potential scenario where Musk's X platform could take over TikTok's U.S. operations.
However, a TikTok spokesperson denied the report telling Benzinga, "We can't be expected to comment on pure fiction."
Other interested parties include Microsoft Corp. MSFT and Oracle Corp. ORCL, as well as a consortium led by the "Shark Tank" investor Kevin O'Leary.
If no deal is reached by the deadline, TikTok will be banned from app stores in the U.S. on Sunday, Jan. 19.
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