TikTok’s Chinese parent company faces a ban in the U.S. if it doesn’t meet a January 19 deadline to sell the video-sharing app after a three-judge panel upheld a new law enacted to protect national security and user privacy, reported Bloomberg’s Sabrina Willmer. The decision leaves the Supreme Court as “the company’s last realistic hope for stopping the law from taking effect,” says the report, though Bloomberg adds President-elect Donald Trump’s opposition to the law could still complicate its enforcement, although the ban kicks in the day before Trump gets inaugurated. Publicly traded companies in the social media space that compete with TikTok include Meta Platforms (META), Alphabet (GOOGL), Pinterest (PINS), Reddit (RDDT) and Snap (SNAP).
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