ByteDance, TikTok shelled out $7 million on lobbying and ads to combat potential U.S. ban | CNBC

ByteDance, TikTok shelled out  million on lobbying and ads to combat potential U.S. ban | CNBC

ByteDance, TikTok shelled out $7 million on lobbying and ads to combat potential U.S. ban | CNBC

TikTok, the popular social media platform, and its parent company, ByteDance, have been on a spending spree in Washington, D.C., this year, shelling out over $7 million to sway lawmakers and policymakers against potential legislation that could ban the app in the United States. ByteDance set a new record by spending $2.68 million on in-house lobbyists for TikTok during the first three months of the year. Additionally, TikTok invested over $4.5 million in a television and digital ad campaign to combat legislation threatening its American user base of 170 million.

These efforts highlight TikTok’s determination to educate policymakers about the potential impact of proposed legislation on its vast user community. Lobbying disclosures reveal that TikTok officials engaged with Congress and the executive office of President Joe Biden, including key departments like the National Security Council and the Office of the U.S. Trade Representative.

The House recently passed legislation linked to TikTok, giving ByteDance approximately nine months to divest the app or face a ban in the U.S. A similar bill passed by the House in March stalled in the Senate, but the latest Senate vote signals potential progress towards final approval of the legislation.

While the disclosed spending focuses on in-house lobbying efforts, it does not include payments made to external consultants. For instance, veteran lobbyist David Urban was paid $80,000 by ByteDance last quarter to influence Congress on the March bill. TikTok has also allocated over $400,000 to outside lobbying firms since the beginning of the year.

This intense lobbying effort underscores the high stakes involved in TikTok and ByteDance maintaining their presence in the U.S. market amidst regulatory challenges and political scrutiny…………full-loaf-600x400-1-e1700879832480 ByteDance, TikTok shelled out $7 million on lobbying and ads to combat potential U.S. ban | CNBC[read more]

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Rising-Dough-e1700879911412 ByteDance, TikTok shelled out $7 million on lobbying and ads to combat potential U.S. ban | CNBCHow do lobbying efforts by companies like TikTok influence legislative decisions and government policies, and what are the potential implications for the economy and consumers?

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