00:00It's Benzinga bringing Wall Street to Main Street.
00:02Two investors filed a lawsuit against Trump and Attorney General Pam Bondi,
00:06challenging approval of a deal allowing TikTok to spin off into a separate American-owned entity.
00:12Jotching Anthony Tan, an investor in Alphabet, and Garrett Reid,
00:16a shareholder in Meta, filed the suit through the Public Integrity Project.
00:20The plaintiffs argue the deal violates a 2024 law requiring ByteDance to divest TikTok's U.S.
00:26assets or face a ban. They claim the arrangement would allow ByteDance to retain control over key
00:31parts of TikTok and harm competing companies. The lawsuit seeks to renegotiate the deal and limit
00:37political censorship powers. ByteDance finalized the deal in January 2026 after agreeing to divest
00:4380% of its U.S. assets and create a majority American-owned joint venture backed by Oracle
00:48Corp., Silver Lake, and MGX. For all things money, visit Benzinga.com.
Comments