- Former national security officials and other experts found that TikTok users would still be exposed to hacking and spying by China even if the U.S. spared the video platform from a total ban in the country, Bloomberg reported.
- The Justice Department reviewed an accord that would keep China's ByteDance Ltd's popular video-streaming app accessible to millions of U.S. users.
- TikTok has been under U.S. scrutiny since 2019 over concerns of espionage or other harmful purposes.
- Also Read: Needham Considers It Futile For Meta To Compete With TikTok, YouTube, Amazon, Google
- TikTok was confident of fully satisfying every reasonable U.S. national security concern.
- TikTok routed every U.S. user traffic through servers maintained by Oracle Corp ORCL for audit of the app's algorithms.
- While ByteDance has tried to distance itself from Chinese state influence, President Xi Jinping has launched a sweeping crackdown on private enterprises, particularly in the tech sector.
- U.S. and China's relations hit the rocks since the pandemic further disrupted the semiconductor supply chain triggering an industry crisis.
- The U.S. and other countries started consolidating their semiconductor position by investing in the domestic manufacture of chips to reduce reliance on China.
- U.S.-issued export controls restricted the sale of semiconductors made with U.S. technology without a valid export license.
- Meta Platforms Inc META has faced a tough time competing with TikTok, which succeeded in winning young subscribers from the former with its short-video format.
- Photo by solen-feyissa via Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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