Whether you like it or not, the government can forcibly take over companies at whim with the full force of the law behind it.
This power is called “eminent domain,” enshrined in the Fifth Amendment, which states “nor shall private property be taken for public use without just compensation.”
So President Trump can just take over TikTok and its $50 billion in U.S. operations market value, right? Not exactly. At least U.S. District Court judge Carl Nichols doesn’t seem to think so, which is why he put an injunction on the TikTok ban that President Trump activated Sept. 20.
So whose side is the law actually on? Although it is clear cut on paper, in practice, this seems to be a gray area. There are precedents for the federal government undoing done deals and forcing foreign companies to sell off their shares. President George H.W. Bush did that with the China National Aero-Technology Import & Export Corp., in 1990, and President Barack Obama did that with Ralls Corp., in 2012. Read More..