In the new budget US president Joe Biden proposed an 11% increase in funding for the Federal Trade Commission and Justice Department’s Antitrust Division. Both of them have filed lawsuits against Big tech companies in 2020. In 2022 the FTC staff is to increase to 1,250 from 1,140 as the government plans on spending $389.8 mn compared to $351 mn of FY21. The Antitrust division will have an increase of 8.6% in their budget from $185mn to $201mn.
US President Donald Trump ordered that ban on TikTok and its parent will take effect in 45 days. The order will bar any transactions by any person or business with ByteDance Ltd or any company in which it has an interest. Trump’s order to ban TikTok in the US is based on the grounds of national security. Microsoft has lately been in talks to acquire TikTok’s entire business. The firm will have to secure the deal before Sept 15, as per the order.