President-elect Donald Trump is reportedly considering steps to halt a looming U.S. ban on TikTok, a move he promised to support during his campaign, according to The Washington Post.
The news has resulted in a more than 5% decline in Snap's (SNAP) share price on Tuesday.
TikTok faces a January 19 deadline for its Chinese parent company, ByteDance, to sell its U.S. operations or face a ban under legislation that received bipartisan support earlier this year.
This would mean TikTok’s future could hinge on Trump’s second term in office, where he may work to keep the platform accessible to its millions of U.S. users.
According to The Washington Post, Trump views TikTok as an asset, especially after amassing over 14 million followers on the platform.
The publication says Kellyanne Conway, a longtime Trump ally, noted Trump’s intent to avoid alienating “180 million U.S. users” and described TikTok’s presence as central to Trump’s appeal, as he values the app’s reach for political messaging.
If ByteDance does not meet the divestment deadline, Trump could explore options to delay or even cancel the ban. One way would be to leverage his administration’s authority to extend the deadline by 90 days if there is “significant progress” towards a sale, said The Washington Post.
The Washington Post added that legal experts have suggested Trump could also encourage Congress to repeal the legislation altogether or influence his attorney general not to enforce it.
Despite his earlier stance supporting a TikTok ban over national security concerns, Trump’s softened view reflects his appreciation for the platform’s political potential.
Still, the issue remains controversial, especially among Republicans wary of potential Chinese government influence through the app. However, Trump’s apparent shift could indicate a major policy change regarding TikTok’s presence in the U.S.