TikTok said Saturday night that it’s shutting down its U.S. operations, complying with a U.S. law that banned the short video app if its Chinese parent Bytedance didn’t divest the business by Sunday.
The move has potential implications for TikTok rivals Meta Platforms (META) and Snapchat parent Snap (SNAP), as well as several other tech giants.
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American users trying to log onto TikTok are getting a pop-up message, “We regret that a U.S. law banning TikTok will take effect on January 19 and force to make our services temporarily unavailable. We’re working to restore our service in the U.S. as soon as possible, and we appreciate your support.”
The Supreme Court upheld the TikTok ban 9-0 on Friday.
However, President-elect Donald Trump said Saturday that he will “most likely” give TikTok a 90-day reprieve from the ban after he takes office on Monday.
Trump could signal that his administration won’t enforce the ban, but the law will still be on the books. Notably, the law doesn’t just apply to TikTok, but to several U.S. tech giants.
Oracle (ORCL) is one of TikTok’s main server providers storing the service’s videos. Amazon.com (AMZN) also serves TikTok via Amazon Web Services. Apple (AAPL) and Google parent Alphabet (GOOGL) provide access to the TikTok app via the App Store and Google Play, respectively.
Those companies face $5,000 fines for every user they help access TikTok, via their app stores or servers.
Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.
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