TikTok CEO Shou Zi Chew has shot off a warning that banning the social media platform in the U.S. will have disastrous consequences for creators as well as small businesses.
What Happened: In a new video posted immediately after the U.S. House of Representatives voted overwhelmingly in favor of the TikTok ban bill, Chew said this could threaten "more than 300,000 jobs" in the country.
The proposed bill is now headed to the Senate and will require TikTok to be either sold by its Chinese owner, the Beijing-based ByteDance Ltd., or be banned in the U.S.
Chew's video is aimed at creators and small businesses operating on the platform. It states that the TikTok ban would directly threaten their pockets.
"Our platform matters to the small business owners who rely on TikTok to make ends meet. To the teachers who inspire millions of students to learn, and to everyone who discovers and finds joy on TikTok."
However, Chew disguised his vehement opposition to the TikTok ban as a fight for these creators and small businesses.
"We will not stop fighting and advocating for you, and we will continue to do all we can, including exercising our legal rights, to protect this amazing platform we have built with you."
"We believe we can overcome this together."
Chew also encouraged users to share their stories with not only their friends and family but also with Senators as he seeks to build pressure on the U.S. government to decide against the TikTok ban.
"Protect your constitutional rights. Make your voices heard."
Why It Matters: The proposed TikTok ban has seen a wide range of opinions from tech personalities like Elon Musk, Mark Cuban, analysts Gene Munster and Dan Ives, among others.
Former President Donald Trump, who wanted to ban TikTok during his first term, has now walked back on his stance. He instead targeted Meta Platforms Inc.'s Mark Zuckerberg.
“If you get rid of TikTok, Facebook and Zuckerschmuck will double their business,” Trump said in a post on Truth Social. Munster echoed Trump's sentiments, saying it would be a "small amount of good news" for Meta.
“I don’t want Facebook, who cheated in the last Election, doing better. They are a true Enemy of the People!”
Musk termed the TikTok ban proposal as a "serious concern."
Avril Haines, the Director of National Intelligence, has raised concerns that China could use TikTok to influence the upcoming 2024 U.S. elections.
Check out more of Benzinga’s Consumer Tech coverage by following this link.
Read Next: Elon Musk Rebrands Another Part Of X, Ditches ‘Trust’ For Just ‘Safety:’ ‘Euphemism For Censorship’
Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
