6/9, 4:18 PM (Source: TeleTrader)
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Biden revokes Trump's ban on TikTok

United States President Joe Biden revoked on Wednesday his predecessor Donald Trump's ban on ByteDance Ltd.'s TikTok and replaced it with an executive order that will demand a broader review of foreign-made applications that could represent a risk to the nation's security.

The Department of Commerce will have the right to review apps that are "designed, developed, manufactured, or supplied by persons that are owned or controlled by, or subject to the jurisdiction of a foreign adversary, including the People's Republic of China" or by those "involved in malicious cyber activities" and "take action, as appropriate."

The news comes despite ByteDance reportedly having problems filing for an initial public offering (IPO) after failing to meet regulatory requirements sought in both the US and China. Earlier, the District Court in Illinois ordered the company to pay $92 million to a number of its users from the US to settle claims it has violated their data privacy.

Breaking the News / JR