TikTok, the popular short-video social-media service, is set to generate $14.2 billion in revenue in 2023, according to eMarketer, up 43% from the previous year and a tenfold increase since 2020. However, it faces threats from the US government, foreign governments, and other institutions concerned about the risk of the app being a tool for China to spy on Americans and distribute propaganda. Congress is now debating whether to enact a ban, President Joe Biden is considering it, and the courts would most likely challenge the law on First Amendment grounds if it passes. Three possible paths lie ahead for TikTok: status quo, a ban, or ByteDance spinning off, selling, or divesting its ownership in TikTok to US-based owners, severing ties with China. If there is a ban, Morgan Stanley predicts that Facebook, Google, and Snap will benefit the most from the increased ad dollars that TikTok users would bring to their platforms.