The billionaire mastermind behind various ventures, including Tesla, Elon Musk, has raised objections to the sweeping TikTok bill, cautioning against its potential future misuse.
Musk utilized his platform, formerly known as Twitter, to express his reservations regarding the proposed legislation, fearing its susceptible exploitation down the line.
The bill, dubbed as H.R. 7521, strives to prohibit “foreign adversary controlled applications” from functioning within the U.S., encompassing entities such as ByteDance – the parent company of TikTok – along with other social media platforms boasting over 1 million monthly active users.
Musk’s remarks emerge amidst the escalating discourse surrounding the potential prohibition of TikTok’s operations in the U.S. The bill, recently greenlit by the U.S. House of Representatives, could compel ByteDance to offload TikTok or confront an outright ban in the American domain.
The proposed TikTok bill has incited a slew of reactions from diverse quarters of the populace. Notably, former President Donald Trump recently denounced the ban – a surprising twist given his previous stance. Concurrently, conjecture about a prospective bidding war for TikTok has been triggered, with multiple potential purchasers surfacing.
Conversely, certain public personalities, like entrepreneur and investor Mark Cuban, have voiced their backing for the ban, citing apprehensions about foreign governments’ sway over the screens of young users.
Although the bill awaits Senate endorsement and the ink of President Joe Biden’s pen, it has already wrought a substantial impact on the market. Speculation of a forthcoming sale or ban in the U.S. has propelled a surge in the stock prices of competing social media platforms, including Meta Platforms Inc (NASDAQ: META).
Illuminated by these industry shifts, Tesla CEO Elon Musk’s dissent underscores the deep-seated concerns regarding the TikTok bill’s scope and potential ramifications on Meta Platforms and the broader market.