The bill has a long road ahead of it
The bill has a long road ahead of it. If it gets voted out of the Republican-controlled House, it would still need to be voted on in the Democrat-controlled Senate which could be a problem. And should the bill pass the Senate, it would then require the president to sign the bill, or he could veto it. If Biden does the latter, the veto can be overturned with a two-thirds vote from members of the House and Senate.A few years ago, when Donald Trump was president, a deal was reportedly in place that would have seen Oracle and Walmart buy the app’s U.S. operations from TikTok owner ByteDance. But the deal never got done and Trump turned his attention toward more pressing matters such as the upcoming presidential election.
Analysts say TikTok ban could benefit Facebook, Snapchat, and YouTube
But Needham analyst Laura Martin says that this time a deal could be finalized. While the platform could be weakened, “it wouldn’t just disappear and get shut down,” Martin said. She also said that “Implications are great for anybody that has been losing market share to TikTok.” Martin picked Snapchat, Facebook, and YouTube as platforms that would be big winners if TikTok gets banned in the U.S.Another analyst, JMP’s Andrew Boone, said that if TikTok is banned in the states, Facebook would be a big winner because of the money that parent company Meta has been throwing at Facebook’s TikTok rival Reels. Boone also noted that “If TikTok were to go away, I think that there would be a lot more consumption of Instagram Reels.” The analyst also says that Snapchat’s Spotlight and YouTube Shorts would both benefit from the disappearance of TikTok.