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World China Says TikTok Parent Company ByteDance Said It Had Only Learned About Trump Deal in the News

14:35  20 september  2020
14:35  20 september  2020 Source:   newsweek.com

As deadline looms, scramble on TikTok deal structure

  As deadline looms, scramble on TikTok deal structure Amid a looming deadline set by President Donald Trump, negotiators scrambled to find a new ownership structure for the popular video app TikTok that would pass muster in both the United States and China. Trump said Wednesday he was undecided and still considering the national security implications of any new structure for the wildly popular app, which has an estimated 100 million users in the United States and as many as one billion worldwide. © NICOLAS ASFOURI Silicon Valley tech giant Oracle is working on deal to become the US partner to Chinese-owned video app TikTok to avert a ban in the United States Some analysts said it appeared difficult to craft a

Chinese state media has said TikTok ' s parent company ByteDance only learned of an apparent billion education fund According to Reuters, ByteDance said on its official account on Toutiao, it had first heard this in the news also. Trump Gives TikTok Deal 'His Blessing,' Says ' It Will Be Secure'.

The U. S . headquarters of TikTok in Culver City, Calif. A deal to acquire the company was announced on Saturday, but the details have come under scrutiny.Credit Mike Blake/Reuters.

This photo illustration taken on September 14, 2020 shows the logo of the social network application TikTok (L) and a US flag (R) shown on the screens of two laptops in Beijing. President Donald Trump has said a deal to allow the platform to continue in the U.S. has his blessing. © Nicolas Asfouri/AFP via Getty Images This photo illustration taken on September 14, 2020 shows the logo of the social network application TikTok (L) and a US flag (R) shown on the screens of two laptops in Beijing. President Donald Trump has said a deal to allow the platform to continue in the U.S. has his blessing.

Chinese state media has said TikTok's parent company ByteDance only learned of an apparent $5 billion education fund contribution within a deal to allow the platform to operate in the United States through news reports.

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Trump last week had said there would be a billion U. S . education fund as part of the deal but ByteDance has said it was not aware of this. Shen Yi, a Fudan University professor, said in a separate article published in the Global Times on Monday that Trump ’ s nod to the deal “could even

In response, TikTok has pointed to the fact it has an American CEO and that its servers reside in the US. "In light of the current situation, ByteDance has been evaluating the possibility of establishing TikTok ' s headquarters outside of the US, to better serve our global users," the company said .

President Donald Trump said Saturday he supported "in concept" an arrangement which would see TikTok move to be owned by a new company, TikTok global, which Oracle and Walmart will both have shares in.

Within this, he said there will be a $5 billion contribution made by the company towards an education program for "American youth."

"And they'll be making about a $5 billion contribution toward education. We're going to be setting up a very large fund toward the education of American youth. And that'll be great," he said, discussing details of the arrangement.

"That's their contribution that I've been asking for."

Further giving the plans his blessing, he said: "But we'll see whether or not it all happens. But, conceptually, I think it's a great deal for America.

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Trump , who had previously called on companies such as Oracle and Walmart to pay the United States a “fee” to participate in the TikTok deal , said there would While ByteDance will get to keep TikTok ’ s source code under the deal , Oracle will get to inspect it . Oracle Chief Executive Safra Catz said her

Chinese state media has accused the U. S . of "hooligan logic" in its push for certain conditions in the TikTok deal and cast doubt over whether Beijing On Monday morning China time, TikTok ' s parent company ByteDance released a statement in Chinese in which it said it was clearing up rumors

"I approved the deal in concept, yes. So I can say that I have given the deal my blessing. If they get it done, that's great. If they don't, that's okay too. But it's a great deal for America, and very interesting."

In response to the education funding, Chinese-state media has questioned what knowledge TikTok's current owners, ByteDance, had of the arrangement.

A tweet from The Business Source, from Chinese-state affiliated outlet The Global Times, said: "In response to some media reports that #TikTok will set up a $5bn education fund in the #US, TikTok's parent company #ByteDance said Sunday that it heard about this for the first time from the news."

According to Reuters, ByteDance said on its official account on Toutiao, it had first heard this in the news also.

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ByteDance said on Monday it was not giving up control of TikTok Global in the U. S ByteDance says it will own 80% of TikTok Global, contradicts Trump ' s claims deal has 'nothing to do with China '. The company said that it plans to carry out a small round of pre-IPO (initial public offering)

The ByteDance -owned app TikTok has become caught in the middle of U. S .- China tensions.Credit Chinese officials have denounced the Trump administration’ s treatment of TikTok , characterizing it as Mr. Kennedy said China ’ s ultimate motivation in holding up or thwarting the deal could be, at

It added in a statement: "The company has been committed to investing in the education field, and plans to work with partners and global shareholders to launch online classroom projects based on AI and video technology for students around the world."

The deal comes following the Trump administration repeatedly sharing concerns over the security of data gathered from users on the app, suggesting this information could be shared with the Chinese Communist Party.

TikTok urges US court order to block Trump ban

  TikTok urges US court order to block Trump ban A federal judge Thursday urged the Trump administration to consider delaying a ban on new downloads of the popular video app TikTok and hinted he might block the government's order set to take effect on Sunday. Judge Carl Nichols made the comments at a hastily called telephone hearing where TikTok argued a ban, even if temporary, could cause irreparable harm to the video-sharing application with some 100 million US users. The judge agreed withJudge Carl Nichols made the comments at a hastily called telephone hearing where TikTok argued a ban, even if temporary, could cause irreparable harm to the video-sharing application with some 100 million US users.

WASHINGTON (Reuters) - U. S . President Donald Trump on Monday said his administration would not approve the sale of TikTok to Oracle Corp (N:ORCL) and Walmart Inc (N:WMT) if China ' s ByteDance maintains any control. We will be watching it very closely," Trump told Fox News in an interview.

In an unusual declaration, Trump also said any deal would have to include a "substantial amount of money" coming to the US Treasury. TikTok slammed the order in a pointed statement on Friday, saying it "sets dangerous precedent" undermining "global businesses' trust in the United States" and

Trump previously issued an executive order insisting ByteDance sell TikTok and destroy the data of U.S. users, or face a ban in the United States.

TikTok has repeatedly denied accusations that it would facilitate such information being given to the Chines government.

Commenting on the deal, Oracle CEO Safra Catz previously said the move would "ensure data privacy to TikTok's American users."

"We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok's American users, and users throughout the world. This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders," Catz said.

Interim Head of TikTok Vaness Pappas said TikTok was "here for you and here for the long run" and said it was "thrilled" to be working with a U.S. tech partner to continue in the United States.

Her message was shared on Twitter with the message "#WeAreTikTok and we are here to stay!"

Newsweek has contacted the White House, TikTok, ByteDance and Oracle for comment.

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China Accuses U.S. Of 'Shamelessly Robbing' TikTok and Warns It Is 'Prepared to Fight' .
"This is blunt bullying. It's a robbery of Chinese company's achievements under the guise of security," the editorial by state mouthpiece, the Global Times, said.Reacting to the news that a federal judge granted a preliminary injunction to TikTok and its parent company ByteDance on Sunday, saving it from being booted from mobile app stores in the U.S., the Global Times criticized the Trump administration.

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