HomeMarket NewsEvaluating the Call for a TikTok Ban Amidst Rising Tensions Around Data...

Evaluating the Call for a TikTok Ban Amidst Rising Tensions Around Data Privacy and National Security

Actionable Trade Ideas

always free


Senator Joe Manchin from West Virginia has added his voice to the growing chorus advocating for a ban on TikTok, expressing his intention to endorse the bill when it reaches the Senate floor. The TikTok ban proposal passed the House vote with a resounding 352 “yays,” surpassing the required 290 majority.

Examining the Situation: Manchin declared his support for the TikTok ban bill during a conversation with CNBC, affirming his commitment to backing the legislation.

According to Manchin, China’s restrictions on U.S. social media giants like Meta Platforms Inc.’s Facebook, Instagram, Elon Musk’s X, Snap Inc.’s Snapchat, and Reddit necessitate a reciprocal response from the U.S.

Highlighting that American companies are barred from collecting data in China, Manchin emphasized the importance of reciprocity, stating, “If we can’t reciprocate in a country, then there’s something wrong. That tells you everything.”

Manchin raised concerns about the potential exploitation of data for market infiltration and manipulation of democratic processes, remarking, “Everyone knows they’re using that information to infiltrate our markets, knowing how we think, maybe controlling how we vote.”

Addressing the accumulation of sensitive information by Chinese companies like ByteDance Ltd.’s TikTok, Manchin emphasized the need to prevent such data gathering, asserting, “Try doing it in China. You can’t do it there.”

Significance of the Issue: Manchin’s stance aligns him with a growing cohort of policymakers, tech magnates, and venture capitalists advocating for a TikTok ban.

Notable figures like Shark Tank host Mark Cuban and Y Combinator co-founder Paul Graham have thrown their support behind banning the social media platform. Avril Haines, the Director of National Intelligence, has also expressed apprehensions regarding TikTok’s potential to interfere in the upcoming 2024 presidential election.

While President Joe Biden has affirmed his readiness to sign the bill, former President Donald Trump has reversed his earlier position and is now opposing the prohibition.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.