Even before U.S. President Donald Trump issued his executive order last Thursday, reports Tech Crunch, TikTok had its objections prepared.
The executive order relating to TikTok mandates a forced sale of the mobile video app or the ban of its services in the U.S. Essentially it contends TikTok, whose parent is Chinese company Bytedance, is a threat to national security. Meanwhile both Microsoft and Twitter have indicated interest in purchasing TikTok.
Watchers - and they are global - anticipate that on Tuesday TikTok will file a lawsuit against the executive order. That will be where it has its U.S. headquarters. So the filing will be U.S. District Court for the Southern District of California. The interest is not just business. The undertow is the growing trade tension between the U.S. and China.
Tech Crunch notes that TikTok will probably contend the order is unconstitutional. Also it will claim that it undermines trust in the business community worldwide in the U.S. legal system.
In addition, TikTok is expected to maintain that the order had been issued without due process.
Meanwhile, those focused on equities markets recognize how the U.S.-China trade tension can deliver a major hit to the stock market. Currently that, along with COVID-19 and the November election, is considered a key variable. Investors are fixated on how long and strong the rally in the U.S. stock market will be. Many observe a disconnect between the overall U.S. economy and the behavior of the U.S. stock market.
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