Farvahar Partners CEO Omeed Malik has expressed his concerns regarding the TikTok crackdown bill signed by President Biden. During an appearance on CNBC’s ‘Last Call,’ Malik voiced his distrust in the bill and the Biden administration’s ability to implement it fairly.
Malik, who once supported a ban on TikTok and its decoupling from China, now believes the legislation is ‘way too vague.’ He fears that the broad language could be used to target individuals or platforms deemed ‘subject to the direction of a foreign power.’ Malik compared the language to that used against former President Donald Trump, who was accused of being a Russian asset. He questioned whether Truth Social or other platforms could also face bans under the bill’s provisions.
Malik further criticized the outdated social media laws in the United States. He advocated for removing legal liability shields from tech giants and implementing antitrust laws to break them up. He emphasized the need for a bill of rights related to privacy to prevent data misuse by all companies, not just TikTok.
The bill requires ByteDance, TikTok’s parent company, to sell the app within nine months or face a ban. President Biden has the authority to extend this period by 90 days. TikTok’s CEO, Shou Zi Chew, has vowed to fight the legislation, marking a significant development in the ongoing debate over TikTok’s Chinese ownership.
