Treasury Secretary Steven Mnuchin said on Sunday that there was bipartisan agreement that TikTok could not stay in its current format "because it risks sending back information on 100 million Americans", referencing the concern that American user data will end up in the hands of the Chinese government. There are questions about what authority a US President would even have to ban an app (or why, really), and how that would even work.
There has been long-standing concern over national security and privacy issues posed by the TikTok app, due to ByteDance's ties to the Chinese Communist Party and Chinese laws that require the company's data to be fully accessible by the Chinese government.
While discussing this move of Trump before the USA elections, it is considered that he will use his authority to ban or sign a presidential decree.
Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said. Reuters is reporting that the owner of the app, China's ByteDance, has allegedly offered to divest the entire us operations of TikTok.
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Besides, coronavirus cases trend and geopolitical developments on US-China ties front will remain key market drivers globally. However, he was cautiously optimistic that a vaccine would be available until "late autumn, early winter".
The U.S. government's Committee on Foreign Investment in the United States (CFIUS), an interagency group led by the Treasury Department, opened a national security review of TikTok a year ago.
The news came hours after reports broke that Microsoft was in talks to buy TikTok.
She said, "I want to say thank you to the millions of Americans who use TikTok every day bringing their creativity and joy into our daily lives". Meanwhile, news came that Microsoft has made a decision to buy the company's TikTok US operation.
Bytedance launched TikTok in 2017, before pairing it with Musical.ly, which they had bought, and the app exploded in popularity across the world with short, fun videos and an easy-to-use layout. The spokesperson said that the app's reported $1 billion creator fund "supports US creators who are building livelihoods from our platform". A twin service, Douyin, is available for Chinese users.
TikTok has long argued it does not share worldwide user data with Beijing and maintains it respects user privacy. It has said it has tens of millions of U.S. users and hundreds of millions globally. According to Reuters, potential investors have valued it at $50 billion, so this will not be a cheap acquisition - but we're confident the company that's now valued at over a trillion dollars can afford it.
Atherton says teens will continue to access Tik Tok anyway through a virtual private network in the same way that teens access Instagram in China.