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The president also issued an executive order aimed at cutting ties between the U.S. and the owner of the popular Chinese communications and social media app WeChat.
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The president's announcement comes as Microsoft is in talks to acquire the app, which is owned by ByteDance, a Chinese company.
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TikTok CEO Kevin Mayer attacked the social media network on the same day Facebook CEO Mark Zuckerberg will testify before Congress. Mayer also committed to making TikTok's algorithm public.
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The White House is considering a number of economic sanctions to cut off the hugely popular Chinese-owned app from U.S. users over national security concerns.
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Some Indians became known TikTok personalities and even earned money and gifts for their content. The government banned the app as tensions flare with China.