Suit seeks to undo Trump approval of ByteDance TikTok US asset sale

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Trump replaces Homeland Security chief Kristi Noem Oil extends weekly gains as Iran conflict rages on, with crude surging around 20% Gold prices dip as stronger dollar weighs; Iran conflict remains in focus Dollar resumes climb on safe haven demand as Iran conflict rages on (South Africa Philippines Nigeria) Suit seeks to undo Trump approval of ByteDance TikTok US asset sale By Stock Markets Published 03/05/2026, 10:11 AM Updated 03/05/2026, 03:50 PM Suit seeks to undo Trump approval of ByteDance TikTok US asset sale 0 By David Shepardson and Andrew Goudsward WASHINGTON, March 5 - Donald Trump and his attorney general were sued on Thursday by retail investors in two social media rivals of TikTok seeking to reverse the U.S. president’s approval of a deal by the company’s Chinese owner ByteDance to form a majority American-owned joint venture. The lawsuit, the first legal challenge to the deal, argues that Trump’s approval last year violated requirements set out in a 2024 divestiture law. Two California residents who hold shares in Alphabet and Meta Platforms sued, backed by a group called the Public Integrity Project. The lawsuit, which also names U.S. Attorney General Pam Bondi, aims to require a renegotiation of the deal "that doesn’t put administration allies in a position to censor political content on one of the world’s most popular media platforms." The lawsuit could shed light on the joint venture, which is key to TikTok’s survival in the United States and has faced criticism from some lawmakers. The suit does not seek to force a U.S. ban on TikTok, which is used by 200 million Americans, said Brendan Ballou, a lawyer representing the plaintiffs. A law passed by Congress in April 2024 required ByteDance to sell its U.S. assets by a January 2025 deadline or face a ban or potentially hundreds of billions of dollars in fines. Trump, a Republican who began his second term in office a day after that deadline...