TULSA, Okla. — The clock is ticking for popular social media app ‘TikTok’s’ parent company to sell the platform.
This is after President Joe Biden signed a first-of-its-kind law that would ban the app if its Chinese parent company, ByteDance, doesn’t sell within 12 months.
Millions of Americans who are stuck scrolling can easily swipe to another app, but for those like Tulsan William Gomez, who use the platform to draw in new clients, it could mean losing out on income.
“If I were to lose TikTok, it would impact my business because the amount of people that I’m in front of every day, locally and honestly across the nation and across the globe, is going to go down,” he said.
The fear out of Washington is focused on national security. A Chinese company is at the helm of the platform, which has hundreds of millions of American users.
If the ban were to go into effect, TikTok would be removed from all app stores – keeping the app from sending out updates to keep it current and prohibiting new users from downloading it.
Gomez uses his platform on TikTok to share education about what he does, helping people learn about investment, real estate and loans.
“Even though it’s our lowest form of reaching people, we’ve still reached almost a million people in a span of two months, which, tell me a billboard in town that can get you in front of that many people," Gomez said.
This helps him retain clientele and attract new business. He has also created a community where he can interact with other real estate professionals.
“That’s how you’re truly able to create that relationship where if somebody 6 months, a year down the road decides to buy, they think of you, because you’re already create that relationship with all of those conversations," he said.
TikTok CEO Shou Zi Chew posted to his platform shortly after the law was signed, telling users they would fight the ban and didn’t plan to go anywhere.
“Make no mistake, this is a ban, a ban on TikTok on you, and a ban on your voice,” said Chew. “TikTok gives everyday Americans a powerful way to be seen and heard, and that's why so many people have made TikTok part of their daily life."
The ban gives ByteDance nine months to find a buyer, with three months of wiggle room if a potential sale is in motion.
“We are confident, and we will keep fighting for your rights in the courts,” said Chew. “We will continue to invest and innovate to keep our community vibrant, exciting and safe. Through our US Data Security efforts, we have built safeguards that no other peer company has made.”
For Gomez, while this could be a blow to business, he doesn’t plan to let it derail his digital acquisitions.
He said he will continue to post on all of his platforms to reach as many people as possible and create connections that could eventually turn profitable.
“Most business owners should have the mindset of like, ‘yeah, this is going to be a setback for our business, but so are other things that are going to come up and things that have come up in the past, so how are we going to adapt to be able to move forward?’” said Gomez.
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