There's a 90% chance TikTok will be banned in the US unless it goes through with an IPO or gets bought out by mega-cap tech, Wedbush says

• There's a 90% chance TikTok will be banned in the US after CEO Shou Chew gave evasive testimony to Congress, according to Wedbush.

• Wedbush said TikTok will have to go through with an IPO or sell itself to a mega-cap tech company to avoid a ban.

• "A matter of when, not if TikTok gets banned in US," Wedbush analyst Dan Ives said.

The chances of TikTok getting banned in the US have soared to 90% after CEO Shou Zi Chew gave evasive testimony to Congress last week, according to Wedbush analyst Dan Ives.

Ives said in a note on Monday it's "a matter of when, not if TikTok gets banned in the US."

Such a ban would be unprecedented, but it highlights growing concerns that TikTok parent company ByteDance is beholden to the Chinese government and could ultimately enable some form of spying on TikTok's user base of more than 150 million Americans.

"The bi-partisan legislation going through the Beltway now lays the path for a ban and the final straw that will ultimately break the camel's back for TikTok is the CFIUS ruling around the corner with a formal Biden White House statement around a likely TikTok ban the likely next step," Ives explained, referring to the Committee on Foreign Investment in the US.

For its part, TikTok has floated "Project Texas," which is a $1.5 billion plan that would move all of TikTok's data to US-based servers operated by Oracle.