• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

2

Costco's $14 million email settlement: Who qualifies for an up-to $500 payment and how to claim before the Aug. 24 deadline

3

Mamdani’s pied-à-terre tax was designed to hit the wealthy, but it’s sending most New Yorkers to their estate lawyers

1

He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

2

Costco's $14 million email settlement: Who qualifies for an up-to $500 payment and how to claim before the Aug. 24 deadline

3

Mamdani’s pied-à-terre tax was designed to hit the wealthy, but it’s sending most New Yorkers to their estate lawyers
PoliticsTikTok

Congress puts TikTok divest-or-ban bill on fast track, could become law in days

By
Steven T. Dennis
Steven T. Dennis
,
Alex Barinka
Alex Barinka
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Steven T. Dennis
Steven T. Dennis
,
Alex Barinka
Alex Barinka
, and
Bloomberg
Bloomberg
Down Arrow Button Icon
April 20, 2024, 2:38 PM ET
TikTok CEO Shou Chew prepares to testify
TikTok CEO Shou Chew prepares to testify on Capitol Hill in January.Tom Williams—CQ-Roll Call via Getty Images
Add Fortune on Google for similar content.

The US House on Saturday put legislation forcing TikTok’s Chinese parent ByteDance Ltd. to divest its ownership stake on a fast-track to become law, tying it to a crucial aid package for Ukraine and Israel.

Recommended Video

A massive lobbying effort led by TikTok Chief Executive Officer Shou Chew failed to overcome a bipartisan coalition worried about the app’s collection of data on more than 170 million Americans — and the potential for the Chinese government to use it to disseminate propaganda.

The broad legislation, which passed on a 360 to 58 vote, also would place new restrictions on data brokers selling information to foreign adversaries and authorize the confiscation of frozen Russian assets to aid Ukraine.

The Senate is expected to vote on the measure next week and President Joe Biden has said he will sign the legislation. 

“This bill protects Americans and especially America’s children from the malign influence of Chinese propaganda on the app TikTok. This app is a spy balloon in Americans’ phones,” said bill author Michael McCaul, a Texas Republican. 

Opponents of the bill like Senator Rand Paul, a Kentucky Republican, could still try to strip out the TikTok measure in the Senate, but such efforts aren’t likely to be successful. 

ByteDance intends to exhaust all legal challenges before it considers any kind of divestiture if the TikTok ban becomes law, according to people familiar with the matter.

Years of scrutiny over TikTok’s connection to China spans presidential administrations, political parties and arms of the government. Former President Donald Trump tried to ban the app via an executive order that was set aside under Biden, whose administration oversaw a review by the Committee for Foreign Investment in the United States. 

Multiple bipartisan ban bills were proposed in Congress and then forgotten. The divest-or-ban framework seems to have finally threaded the needle.

The legislation passed Saturday gives ByteDance nearly a year to divest itself of the social media platform, with 90 of those days subject to a presidential waiver — longer than the six-month time frame in a version of the legislation the House passed earlier this year.

That extended deadline means TikTok won’t have to divest or be shut down before the election, to the dismay of some lawmakers who say they worry China could use the app to meddle in US politics.

TikTok rose to prominence during the pandemic as a place to share entertaining, short videos without the expectation of perfection that hangs over apps like Instagram. It’s algorithmically-curated feed tailored based on peoples’ interests — not who they follow — was a new, captivating way to scroll on social media. That idea has since been copied by Meta and Alphabet’s YouTube.

TikTok has argued that the legislation would violate the First Amendment and pointed to their spending $1.5 billion-plus on data privacy efforts to try to allay national security concerns. TikTok has brought creators and small business owners to the US Capitol to argue they say would suffer economic losses without TikTok. 

They’ve also encouraged users to call their lawmakers to urge them to vote against the bill. The company hired well-known lobbyists to try and sway lawmakers. So far, none of it has been enough.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Steven T. Dennis
See full bioRight Arrow Button Icon
By Alex Barinka
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Latest in Politics

American couple walking in front of London mansion
SuccessEurope real estate
Ultra-rich are buying up $49 million mansions in London, with ‘Trump unease’ generating a 10% rise in Americans investing in Britain
By Emma BurleighJuly 30, 2026
19 hours ago
t
EconomyElections
‘What planet are you on?’ Voters, pollsters mystified by Trump’s tariffs boasts in Michigan
By Jacqueline Ganun, Will Weissert and The Associated PressJuly 30, 2026
19 hours ago
Should AI be formally recognized as a national and global security threat? In London, politicians increasingly think so 
EuropeLetter from London
Should AI be formally recognized as a national and global security threat? In London, politicians increasingly think so 
By Kamal AhmedJuly 30, 2026
20 hours ago
u
North AmericaRace
Urban League’s 50th annual ‘State of Black America’ argues Trump is trying to ‘kill the essence of the American dream’
By Matt Brown and The Associated PressJuly 30, 2026
21 hours ago
rent
Real EstateHousing
How Washington’s war on ‘Wall Street landlords’ could backfire on Gen Z renters
By Nick LichtenbergJuly 30, 2026
24 hours ago
lose-up of five people's hands holding smartphones i
PoliticsSocial Media
Europe’s social media bans force businesses to rethink how they reach the youngest generation 
By Sam BirchallJuly 30, 2026
1 day ago

Most Popular

He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead
Success
He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead
By Preston ForeJuly 29, 2026
2 days ago
Costco's $14 million email settlement: Who qualifies for an up-to $500 payment and how to claim before the Aug. 24 deadline
Retail
Costco's $14 million email settlement: Who qualifies for an up-to $500 payment and how to claim before the Aug. 24 deadline
By Sydney LakeJuly 29, 2026
2 days ago
Mamdani’s pied-à-terre tax was designed to hit the wealthy, but it’s sending most New Yorkers to their estate lawyers
Real Estate
Mamdani’s pied-à-terre tax was designed to hit the wealthy, but it’s sending most New Yorkers to their estate lawyers
By Catherina GioinoJuly 30, 2026
1 day ago
Current price of oil as of July 30, 2026
Personal Finance
Current price of oil as of July 30, 2026
By Joseph HostetlerJuly 30, 2026
24 hours ago
'Am I paying for the vibes?' Gen Z says it hates capitalism, but their spending patterns show they just don't like being ripped off
Retail
'Am I paying for the vibes?' Gen Z says it hates capitalism, but their spending patterns show they just don't like being ripped off
By Nick LichtenbergJuly 30, 2026
23 hours ago
Tim Cook signed off on his final Apple earnings call with a warning about a ‘hundred year flood’ in memory chip pricing
Big Tech
Tim Cook signed off on his final Apple earnings call with a warning about a ‘hundred year flood’ in memory chip pricing
By Alexei OreskovicJuly 30, 2026
10 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.