Investor Alert

New York Markets Close in:

Sept. 23, 2020, 3:35 p.m. EDT

TikTok seeks injunction to stop Trump ban

TikTok filed for an injunction Wednesday to stop President Trump from banning the video-sharing app from being downloaded, an action that is expected to happen Sept. 27 unless a deal involving Oracle Corp. (NYS:ORCL) and Walmart Inc. (NYS:WMT) is completed. President Trump issued an executive order last month that sought to ban TikTok and WeChat, a messaging app owned by Tencent Holdings Ltd. (OTC:TCEHY) , due to their Chinese ownership. WeChat managed to receive an injunction through the court system to stop its ban, as TikTok attempted to strike a deal for a new corporation in the U.S. that would be partially owned by Oracle and Walmart. That deal is still in doubt, however, so TikTok and Chinese parent company ByteDance filed for an injunction Wednesday. "If allowed to remain in place, the Prohibitions will irreversibly destroy the TikTok business in the United States: they will devastate TikTok's user base and competitive position, destroy the goodwill necessary for TikTok to maintain commercial partners in the United States, and cripple Plaintiffs' ability to attract and retain talent," the filing seeking an injunction states.

Link to MarketWatch's Slice.