Trump, Bondi sued by shareholders over alleged TikTok deal law violations
Fox Business • • business
Key Points:
- President Donald Trump and Attorney General Pam Bondi are being sued by shareholders of Alphabet and Meta Platforms over their handling of the TikTok deal finalized in January, alleging violations of the Protecting Americans from Foreign Adversary Controlled Applications (PAFACA) Act.
- The lawsuit claims the joint venture approved by Trump failed to sever TikTok’s operational ties to China, allowing ByteDance to retain significant control, including over the app’s algorithm and board oversight.
- Plaintiffs argue Trump unlawfully granted multiple extensions beyond the statutory limit for TikTok’s divestment and directed Bondi not to investigate or enforce PAFACA, undermining congressional intent.
- The suit contends that Trump’s actions financially harmed investors in competing tech firms
