| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Omeed Malik, founder and CEO of Farvahar Partners, recently voiced his concerns over the TikTok crackdown bill signed by President Joe Biden, expressing distrust in the bill and its implementation.
What Happened: During CNBC’s “Last Call” on Wednesday, Malik stated, "I really have an issue with what TikTok is doing to society. With all of that said… I don't trust this bill that was passed, and I certainly don't trust the Biden administration to implement it fairly."
Malik, who had previously vouched for a ban on TikTok and the decoupling of the app from China, explained that the text of the bill was “way too vague.” He expressed his worries about the bill’s broad language, which he fears could be used to target any individual or platform deemed “subject to the direction of a foreign power.”
“I am very concerned about that language because that same language was used against our former president of the United States [Donald Trump] for three years when they called him a Russian asset. Does that mean that Truth Social now should be banned as well? What does it mean for Rumble? Or X?”
Malik also criticized the outdated social media laws in the country, calling for the removal of legal liability shields from big tech companies and the implementation of antitrust laws to break them up. He urged for a bill of rights around privacy to prevent data misuse by all companies, not just TikTok.
Why It Matters: The comment was in response to President Biden signing the bill that could potentially ban or lead to the sale of TikTok, a popular social media platform owned by Chinese company ByteDance.
The bill, which was passed with a Senate vote of 79-18, gives ByteDance a nine-month window to sell the app or face a national ban. The President also has the option to extend this period by 90 days.
The signing of the bill has sparked controversy and debate. TikTok’s CEO, Shou Zi Chew, has publicly opposed the legislation, stating, "Make no mistake, this is a ban, a ban on TikTok and a ban on you and your voice."
The platform has vowed to fight back against the legislation, marking a significant development in the ongoing debate over TikTok’s Chinese ownership.
Read Next: Elon Musk Agrees Every American Household Will Have A $1,000-Per-Month Home Robot In 7 Years’ Time
Image via Shutterstock
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
