Amid impending decisions regarding TikTok's future, President Trump has stated that he will exercise his authority in Congress to decide the fate of the app. This holds significance as nearly half of the American population uses TikTok, illustrating its vast reach. A recent law mandates that ByteDance, TikTok's parent company, divest its ownership by January 19, 2025. Additionally, several sectors, including mortgage companies, express concern about the potential negative impact on their outreach efforts should the app be banned or sold. The debate about TikTok is rooted in a long-standing executive order issued by Trump in 2020, highlighting ongoing tensions around data security and privacy.
The fate of TikTok, used by nearly half of all Americans, has been uncertain since an April 2024 law mandated that ByteDance divest by January 2025.
Mortgage companies could face significant impacts from a TikTok sale or ban, which would harm consumer outreach efforts for loan officers who rely on the platform.
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