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The sale would have to guarantee that ByteDance no longer has any control over TikTok or its algorithms that recommend content to users. It notes that about 60 percent of the company is owned by global institutional investors, including the financial giants Susquehanna International Group and BlackRock. According to the company, it has spent more than $1 billion on a plan that stores sensitive U.S. user data domestically on servers operated by Oracle, the American cloud computing company.
China’s Unpredictable Role
The plan, laid out in a rule that passed on Friday, was concocted to capitalize on the pools of support for each part of the $95 billion package, while preventing opposition to any one piece from taking down all of them. Lu Shan and its surrounding 50 acres are currently owned by the estate of Cantor's third wife, Jane Cantor, county records show. Nearly all of it is under a farmland preservation easement purchased by the Morris County Agriculture Development Board in 2008 for more than $2 million, records show.
How would the bill force ByteDance to sell TikTok?
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Besides a sale, ByteDance could potentially pursue other options, like spinning off TikTok through an initial public offering. It “is not a foregone conclusion by any means” that China will allow a sale, said Lindsay Gorman, a senior fellow at the German Marshall Fund who specializes in emerging tech and China. Even if TikTok approaches a sale, the process of separating TikTok from ByteDance is likely to be messy. Private equity firms or other investors could form a group to raise enough money to buy TikTok. Former Treasury Secretary Steven Mnuchin said in March that he wanted to build such a group.
Votes on the Foreign Aid Bills
On Friday, China’s Cyberspace Administration asked Apple to remove Meta’s WhatsApp and Threads from its App Store, according to the iPhone manufacturer. The Chinese government cited national security reasons in making the demand. It took Mr. Johnson two additional months to figure out a way to steer around his right flank and do so. He used a convoluted maneuver in which the House cast separate votes to push through the pieces of the package and sent them to the Senate as one bill.
Sarpy County
Luce bought the property in June 1933, a few weeks after arriving in the area to summer with his wife of 10 years, born Lila Ross Hotz, newspaper reports said. The two, who married the same year Luce launched the groundbreaking news magazine Time with Yale classmate Briton Hadden, spent that summer nearby. They rented the home of future New Jersey Racing Commission member William V. Griffin on Holland Road in Far Hills, just south of their new 420-acre spread, The Bernardsville News reported in June 1933. The estate, financed nearly 90 years ago by Luce, the founder of Time, Life, Fortune and Sports Illustrated magazines, is centered on a 13,820-square-foot stone mansion.
The measure includes $60.8 billion for Ukraine; $26.4 billion for Israel and humanitarian aid for civilians in conflict zones, including Gaza; and $8.1 billion for the Indo-Pacific region. It also would impose a new round of sanctions on Iran, and require the sale of TikTok by its Chinese owner or ban the app in the United States. Twenty-five Republicans voted against the fourth bill, which included measures that could lead to a ban on TikTok in the United States and that would redirect funds from seized Russian assets to help aid Ukraine. Democrats put up a big vote — 174 — in favor of this bill, which was intended to sweeten the overall package for conservatives. The House passed a long-stalled foreign aid package on Saturday that gives funding to Ukraine, Israel and Taiwan, with a majority of lawmakers backing money for American allies across the globe. The package, which now goes to the Senate, is almost certain to become law.
If ByteDance cannot or refuses to sell TikTok, it would be unlawful for app stores and web hosting companies to distribute or update the app in the United States. The Justice Department could punish any company that works with TikTok or offers its app for download. The bill essentially says that TikTok must be sold within six months to a buyer that satisfies the U.S. government.
Four-bedroom home in Los Gatos sells for $4.2 million
Other groups, like the American Civil Liberties Union, which has been a vocal opponent of the bill, may also join the legal fight. A spokeswoman for the A.C.L.U. said on Tuesday that the group was still weighing its role in potential litigation challenging the law. The issue could take months or even years to settle, during which the app would probably continue to function for U.S. consumers. For weekly email updates on residential real estate news, sign up here. Given the fast pace of the current market, some properties may no longer be available at the time of publication.
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The bill, which would force TikTok’s Chinese parent to sell the popular social media app, faces a difficult path in the Senate. A bill that would force a sale of TikTok by its Chinese owner, ByteDance — or ban it outright — was passed by the Senate on Tuesday and signed into law Wednesday by President Biden. The overwhelming vote reflected broad bipartisan support for the measure, which passed the House on Saturday by wide margins after a tortured journey through Congress that was met with right-wing resistance.
This would be supplemented by a measure that prohibits web hosting companies from helping to distribute the app. If the bill passes the Senate and is signed into law by the president, it would impose civil penalties on app stores, like those operated by Apple and Google, if they distributed or updated TikTok. Support for a ban has been bipartisan, as Republicans and Democrats have both been concerned about China’s influence. “You’re not going to be able to force ByteDance to divest,” said James Lewis, a senior vice president at the Center for Strategic and International Studies.
If forced to sell, it’s also unclear whether ByteDance would put the app’s entire global footprint up for sale or just its United States operation. House lawmakers on Wednesday approved legislation meant to force ByteDance, the Chinese internet company, to sell its wildly popular social media app TikTok. Only one narrower TikTok restriction has survived a court challenge. The governor of Texas announced a ban of the app on state government devices and networks in 2022 because of its Chinese ownership and related data privacy concerns. Professors at public universities challenged the ban in court last year, saying it blocked them from doing research on the app. A federal judge upheld the state ban in December, finding it was a “reasonable restriction” in light of Texas’ concerns and the narrow scope affecting only state employees.
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