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TikTok’s CEO Shou Chew testified in front of the House Energy and Commerce Committee on Thursday in defense of the popular app. The Biden administration is giving TikTok an ultimatum, sell TikTok or face a U.S. ban of the app. Lawmakers grilled Chew for more than 5 hours about whether TikTok is a threat to national security. The Dog Eared Book Owner Carrie Deming joined Yahoo Finance to discuss how a ban could impact her independent book store. “The TikTok I know looks nothing like what they were talking about," Deming said. "I'm on BookTok. It is the most wholesome corner of any of the internet.” Deming told Yahoo Finance a third of the store’s sales come from the e-commerce site, pushed up significantly by the bookstore’s TikTok account. “My book store's been open for eight years. And for that whole time we've been on Facebook and Instagram...when I do a post on the Meta platforms, they're rather ineffectual.” Watch the full interview with Seana Smith and Dave Briggs here. Key video moments 00:00 On the TikTok Deming knows 01:15 On Deming's follower count on various social platforms
Evercore ISI Senior Managing Director & Head of Internet Research Mark Mahaney joins Yahoo Finance Live to discuss what a potential TikTok ban means for social media stocks and other platforms, including Instagram, Facebook, Snapchat, and YouTube.
TikTok is one of the world's most popular social media platforms, but it's also controversial because it's owned by the Chinese tech giant ByteDance. Its critics claim that as long as ByteDance is subservient to the Chinese government, TikTok can be used as a powerful tool for gathering data on its overseas users and swaying public opinion. Three years ago, the Trump administration proposed to either ban TikTok or force it to sell its U.S. subsidiary to an American company.