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Elon Musk Raises Alarm on TikTok Bill: Warns of Potential for Future Misuse

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Tesla CEO Elon Musk 34

Elon Muskโ€™s Concern

Billionaire owner of social media platform X, Elon Musk has voiced his apprehensions regarding the proposed TikTok bill, suggesting that it carries the seeds for potential misuse down the road.

Whatโ€™s Unfolded: Through X, formerly known as Twitter, Musk expressed his reservations about the impending legislation. His fear is that should this bill come into force, it may be subject to exploitation in the future.

Proposed Legislation

The bill, labeled H.R. 7521, is designed to prohibit โ€œforeign adversary controlled applicationsโ€ from functioning in the U.S., this includes those operated by ByteDance or TikTok, as well as other social media outlets with over 1 million active monthly users.

Market Implications

Muskโ€™s commentary emerges amidst a growing discourse surrounding the potential prohibition of TikTok in the U.S. The bill, which recently garnered approval from the U.S. House of Representatives, could compel ByteDance to offload TikTok or risk being ousted from the U.S. market.

Trumpโ€™s Niece Says Republican Party Imploding After Ken Buck Announces Early Retirement: โ€˜One Person Who Will Experience The Most Falloutโ€ฆIs Donaldโ€™

Significance of the Issue

The proposed TikTok bill has ignited a plethora of responses from various sectors. Former President Donald Trump has recently aired his objections to the prohibition, a turn of events that surprised many given his past stance. Concurrently, the bill has fueled speculation about a potential bidding war for TikTok, with numerous potential buyers entering the scene.

On a different note, some notable figures like entrepreneur and investor Mark Cuban have expressed their support for the ban, citing concerns about the grip of foreign governments on childrenโ€™s screens.

While the Senate is yet to give its nod and President Joe Biden is yet to ink the deal, the bill has already made waves in the market. The anticipations of a likely sale or ban in the U.S. has caused a spike in the stock prices of rival social media platforms, such as Meta Platforms Inc.

Read Next: Edward Snowden Criticizes JPMorgan CEO Jamie Dimonโ€™s Bitcoin Stance: โ€˜His Gigantic Firm Will Be Buyingโ€™

Tesla CEO Elon Musk. Photo via Shutterstock.

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