TikTok, Owned By China's ByteDance, Joins US Peers In Pulling Back From Russia

TikTok, the popular video app owned by China’s ByteDance, said it was suspending live streaming and the addition of new content to its video service in Russia.

What Happened: The company attributed its move to Russia’s new “fake news” law, which was signed by President Vladimir Putin on Friday and comes attached with a possible 15-year jail term for offenders.

TikTok said on Twitter that the “safety of our employees and our users remain our highest priority" and clarified that its in-app messaging service would not be affected.

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Why It Matters: The White House has condemned the new media law that makes it illegal to report any event that could discredit Russia's military, according to a Reuters report. 

Russia has moved to block Facebook, the flagship social media platform of Meta Platforms Inc (NASDAQ: FB), after it passed the law, Reuters reported separately. 

Entertainment options for Russians have shrunk after Netflix Inc (NASDAQ: NFLX) said “Nyet” to Russia and halted its operations there on Sunday.

See Also: The Companies Pulling Their Business From Russia After The Ukraine Invasion