Javier Palomarez, USHBC President, Urges TikTok Divestment Over Prohibition

WASHINGTON, DC, UNITED STATES, January 17, 2025 /EINPresswire.com/ -- The Supreme Court recently upheld the decision to ban TikTok if the company is not sold by parent company ByteDance before Sunday. The United States Hispanic Business Council (USHBC) is committed to safeguarding the success of our nation’s small businesses and Hispanic entrepreneurs, yet also recognizes the complexity behind TikTok’s ownership structure. Javier Palomarez, President & CEO of the USHBC issued the following statement on behalf of the organization:

“We share the concerns of our elected officials about protecting our national security. However, before jumping to a complete prohibition, we urge a pragmatic approach that emphasizes TikTok’s complete divestment from the Chinese Communist Party and CCP-adjacent companies. By ensuring TikTok is fully separated from any foreign influence, we can protect user data, address security threats, and preserve a critical economic pipeline for millions of small businesses across the United States.

“Despite its entertainment-driven creation, TikTok has evolved into an economic powerhouse. The company is projected to generate nearly $44 billion in advertising revenue by 2026 with a global user base of 1.9 billion people. Here at home, over 7 million small businesses rely on TikTok for brand awareness and marketing, and the platform contracts more than 100,000 entrepreneurs as influencers. It’s not just about dancing videos—this is about real livelihoods, real businesses, and real families.

“On top of that, TikTok will pay $5 billion in taxes to the U.S. over the next few years alone. With so much at stake for our nation’s small businesses and overall economy, divestment remains a far better option than prohibition – even if we need to push the deadline back to achieve a thorough, transparent divestment process.

“President-elect Trump himself has asked for more time to find a sustainable deal, and I strongly encourage our regulators to give it to him.”

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