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Notes -
Here's the whole of the relevant section of the law, so people can judge for themselves how broad it is:
And here's the relevant, referenced section from subsection 4 above:
It's all honestly really quite narrow. It could not be applied to Twitter because Elon isn't 'domiciled in, is headquartered in, has its principal place of business in, or is organized under the laws of' 'the Democratic People's Republic of North Korea...the People's Republic of China...the Russian Federation...[or] the Islamic Republic of Iran', nor is Twitter 'directly or indirectly own[ed]' by someone with 'at least a 20 percent stake' who is domiciled, headquartered, doing business in, or organized under the laws of the preceding four countries.
If, someday, we added Saudi Arabia to that list (not something I would put past the left of the Democratic party, a portion of which will never get over Khashoggi), Twitter might be in trouble. Until then, this law would not apply.
The law is quite short. It's also pretty free of the kind of cross-references and surgical edits that make reading many other bills so confusing. Just make sure to understand that most things in the law are defined somewhere.
The concerning part is that the president can make a private classified notice that someone is a foreign adversary that only congress gets to see and then FBI/CIA/Secret Service action can be taken against the corporation without anyone know that its 'legalized' by this bill and by the private notice to congress.
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Reminder that they stole $500 million from Trump for the crime of possibly exaggerating the value of his Florida club, which they valued at $18 million dubiously and then turned around and declared that the club if seized is suddenly worth hundreds of millions for the purpose of paying off the fine.
Direction and control seems extremely broad statements, so unless you can provide some legal definition for that, it's rather sinister..
It looks like 'direction or control' usually means some sort of formal relationship. So, a contract that gives voting power over a company or something like that.
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