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WASHINGTON - A U.S. federal appeals court on Friday upheld a law requiring Chinese-based ByteDance to divest its popular short video app TikTok in the United States by early next year or face a ban.The decision is a win for the Justice Department and opponents of the Chinese-owned app and a devastating blow to ByteDance. The ruling now increases the possibility of an unprecedented ban in just six weeks on a social media app used by 170 million Americans.
Shares of Meta Platforms, which competes against TikTok in online ads, hit an intraday record high following the ruling, last up over 3%. Google parent Alphabet, whose YouTube video platform also competes with TikTok, was up over 1% following the ruling.TikTok ban looms The court acknowledged its decision would lead to TikTok's ban on Jan. 19 without an extension from Biden.
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