Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

TikTok says ban would cost U.S. small businesses and creators $1.3B in first month

by admin December 10, 2024
December 10, 2024
TikTok says ban would cost U.S. small businesses and creators $1.3B in first month

TikTok in a court filing Monday warned that U.S. small businesses and social media creators would lose $1.3 billion in revenue and earnings in just one month if the popular app is effectively shut down in the United States on Jan. 19, under provisions of a law targeting national security concerns about its China-based parent company.

“Those numbers would only increase if the shutdown extends for more than a month,” said Blake Chandlee, president of global business solutions for TikTok, in that court filing.

Chandlee’s declaration came as his company asked a federal appeals court to temporarily block a law that would require app stores operated by Apple and Google and internet providers to stop supporting TikTok on Jan. 19 unless its parent company ByteDance sells the app.

TikTok and ByteDance plan to ask the Supreme Court to overturn a recent ruling upholding the law, issued by the U.S. Court of Appeals for the District of Columbia Circuit.

“The Supreme Court should have an opportunity, as the only court with appellate jurisdiction over this action, to decide whether to review this exceptionally important case,” TikTok and ByteDance said in the filing, seeking a temporary injunction.

The injunction, if granted, would allow the app to continue operating until the Supreme Court decides whether to hear the appeal.

The filing also argued that “an injunction is especially appropriate” because it will give the incoming administration of President-elect Donald Trump, who will be sworn in on Jan. 20, the opportunity to decide if it wants to enforce the law.

If TikTok is effectively shut down in the United States in January, Chandlee wrote, American small businesses alone would lose more than $1 billion in revenue — even if the prohibitions are lifted after only a month.

“Almost two million creators in the United States would suffer almost $300 million in lost earnings, and TikTok itself would lose 29% of our targeted global advertising revenue for 2025,” Chandlee wrote.

He said that as of November, more than 7 million U.S. accounts use TikTok to do business.

And “69% of these businesses say that using TikTok has led to increased sales for their businesses in the last year, and 39% say that access to TikTok is critical to their business’s existence,” he said, citing an economic impact report prepared for the company by Oxford Economics.

Chandlee also said in the filing that those businesses’ advertising, marketing and “organic reach on TikTok” contributed $24.2 billion to U.S. gross domestic product in 2023, with TikTok’s own operations adding another $8.5 billion to U.S. GDP.

The law TikTok wants blocked for now was passed by Congress and signed by President Joe Biden last spring after concerns about ByteDance’s alleged connections to the Chinese government.

In its unanimous ruling Friday, a three-judge panel on the appeals court in the District of Columbia rejected ByteDance’s argument that the ban would violate the First Amendment rights of 170 million U.S. users of the app, or other parts of the Constitution.

The panel, in its written opinion, said that the U.S. government “offered persuasive evidence demonstrating that” the divestment law “is narrowly tailored to protect national security,” and noted that TikTok “never squarely denies that it has ever manipulated content at the direction of the” People’s Republic of China.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
REBECCA GRANT: Assad’s ouster makes Syria the key to elusive Middle East peace
next post
Black Swans, White Swans and Trump’s Clash with the Fed

Related Posts

Boeing strike ends after machinists approve new labor...

November 6, 2024

Lyft co-founders to step down from ride-hailing firm’s...

August 16, 2025

Laid off from a nearly six-figure job, this...

July 9, 2024

He plays rich on screen but dreams of...

July 12, 2024

Southwest Airlines pauses corporate hiring, most summer internships...

January 15, 2025

Capital One outage drags into Friday afternoon, leaving...

January 18, 2025

White House accuses Powell of mismanaging Federal Reserve,...

July 11, 2025

Comcast announces plan to spin off cable channels,...

November 21, 2024

Disney raises streaming prices for Hulu, Disney+ and...

August 8, 2024

Delta cancels hundreds more flights as DOT opens...

July 24, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Dem senator compares American founding principle to Iran’s theocracy: ‘Extremely troubling’

      September 5, 2025
    • China shows missiles, Trump shows muscle: Xi’s strategy can’t match US

      September 5, 2025
    • VP Vance curses out senators after heated Kennedy hearing: ‘Full of s— and everyone knows it’

      September 5, 2025
    • Trump stands by RFK Jr. after heated Senate hearing: ‘I like the fact that he’s different’

      September 5, 2025
    • Whatever happened to: The Qatar Air Force One jet

      September 5, 2025

    Categories

    • Business (1,101)
    • Investing (2,978)
    • Politics (3,629)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved