TikTok Goes Dark as Ban Deadline Approaches
Key Takeaway: TikTok became unavailable to US users on Saturday night, just hours before a ban was set to take effect.
Timeline of Events:
* 10:30 p.m. ET: TikTok users greeted with "Sorry, TikTok isn't available right now" message.
* President-elect Donald Trump indicates willingness to work on solution for TikTok after taking office.
* TikTok allows users to log in to download data.
* TikTok videos intermittently loaded, with occasional blacked-out screens indicating network issues.
* Apple's App Store removes TikTok.
Implications of Ban:
* TikTok faces ban if no agreement is reached before Jan. 19.
* Law prohibits access to TikTok through app stores and cloud services unless ByteDance (TikTok's parent company) sells to non-adversarial entity.
* Congress alleges Chinese government influence on ByteDance.
Potential Winners and Losers:
Likely Beneficiaries:
* Meta (META): Instagram, owned by Meta, could see increased advertising revenue.
* Reddit (RDDT): Short-form video feed may attract TikTok users seeking alternative platform.
* Snapchat (SNAP): Potential to capture TikTok users and advertising dollars.
* Pinterest (PINS): E-commerce opportunities for online retailers.
Possible Challenges:
* Uncertain future of TikTok despite Trump's extension proposal.
* Potential fines for app stores if they do not comply with the ban.
* Challenges for competing platforms in retaining TikTok users.