After President Biden recently signed a bill that will force TikTok’s Chinese owner, ByteDance, to sell the social media app or face a ban in the United States, TikTok said it filed a petition in federal court seeking to overturn the “unconstitutional” ban. In the 67-page petition it provided, which initiates the lawsuit, TikTok said in part: “There is no question: The act will force a shutdown of TikTok by Jan. 19, 2025.” Publicly traded companies in the social media space that compete with TikTok include Meta Platforms (META), Alphabet (GOOGL), Pinterest (PINS) and Snap (SNAP).
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