US Republicans Support Idea Of TikTok Sale To US Entity To Dodge Ban - Invesco China Technology ETF (ARCA:CQQQ)

Republican congressman Mike Gallagher who introduced legislation to ban TikTok in the U.S. welcomed the idea of selling the Chinese-owned video-sharing app to an American company.
The prominent China critic likely to take on an influential role when the new Congress assumes charge likened ByteDance Ltd's social media company to "digital fentanyl," Financial Times reports.
Like the opioid, the platform was "addictive and destructive," he said, and "ultimately goes back to the Chinese Communist party."
Also Read: TikTok Flourishes As Ads Juggernaut At Expense Of Twitter, Snap, Google And Meta
“TikTok is owned by ByteDance; ByteDance is effectively controlled by the CCP. So, we have to ask whether we want the CCP to control what is on the cusp of becoming the most powerful media company in America," Gallagher told the media.
TikTok has denied the allegations.
Gallagher's comments followed a flurry of legislative action in Washington relating to TikTok in the run-up to Christmas and growing calls from across America's political spectrum to crack down on the Chinese-owned app.
In December, the U.S. Senate voted unanimously to approve a bill barring federal employees from using TikTok on government devices.
More than a dozen U.S. states, including Maryland, Texas, and Iowa, agreed to block their employees from installing TikTok on government devices.
In December, FBI director Chris Wray warned against TikTok facilitating China's spying against the U.S.
Shortly before Christmas, ByteDance admitted it inappropriately obtained users' data, including an FT journalist, to analyze their location as part of an internal leaks investigation.
Photo by olivier bergeron via unsplash

Market News and Data brought to you by Benzinga APIs