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Apple co-founder calls out ‘hypocrisy’ of politicians calling for TikTok ban | CNN Business (edition.cnn.com)

submitted 9 months ago by [email protected] to c/[email protected]

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[–] [email protected] 0 points 9 months ago* (last edited 9 months ago) (1 children)

We'll see, I suppose. Some business sell in a couple months, some businesses take years to sell. I haven't read the legislature so idk if there is a time limitation set on the forced sale, please enlighten us.

[–] [email protected] 4 points 9 months ago (1 children)

A decent article on the time frame of similar sales

The bill itself

"web hosting services in the U.S. would be barred from hosting any “foreign adversary controlled application,” specifically calling out ByteDance’s TikTok, per the text of the bill (H.R. 7521). The ban would go into effect unless such a “foreign adversary” (i.e. ByteDance) divests its ownership in the app (i.e. TikTok) within 165 days of becoming law."

The paraphrased relevant section.

[–] [email protected] -1 points 9 months ago (1 children)

165 days seems to not match the bill you linked to, it appears they get fined after 180 days from when the law is enacted. That means it's entirely possible the CCP never sell TikTok at all and just pay the fees.

(2) APPLICABILITY.—Subsection (a) shall apply—

(A) in the case of an application that satisfies the definition of a foreign adversary controlled application pursuant to subsection

(g)(3)(A), beginning on the date that is 180 days after the date of the enactment of this Act; and

and then there is this bit about the consequences for taking too long:

(1) CIVIL PENALTIES.—

(A) FOREIGN ADVERSARY CONTROLLED APPLICATION VIOLATIONS.—An entity that violates subsection (a) shall be subject to pay a civil penalty in an amount not to exceed the amount that results from multiplying $5,000 by the number of users within the land or maritime borders of the United States determined to have accessed, maintained, or updated a foreign adversary controlled application as a result of such violation.

(B) DATA AND INFORMATION VIOLATIONS.—An entity that violates subsection (b) shall be subject to pay a civil penalty in an amount not to exceed the amount that results from multiplying $500 by the number of users within the land or maritime borders of the United States affected by such violation. (2) ACTIONS BY ATTORNEY GENERAL.—The Attorney General— (A) shall conduct investigations related to potential violations of subsection (a) or (b), and, if such an investigation results in a determination that a violation has occurred, the Attorney General shall pursue enforcement under paragraph (1); and

I thank you for providing this information for us, though, you've gone above and beyond and I thank you for that.

[–] [email protected] 0 points 9 months ago (1 children)

Out of curiosity, did you work out the math on thst fee?

[–] [email protected] 2 points 9 months ago

$700 Bn it would be funny to see them set up a 30 year payment plan just to spite the USA.