Weekend Reads Trump: “Not happy” if the Chinese keep a majority in Tiktok

23:17  17 september  2020
23:17  17 september  2020 Source:   t3n.de

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However Trump on Wednesday said such a deal had not yet been reached but he would be meeting with officials about it on Thursday. Chinese authorities have said they would not allow ByteDance to sell the algorithms used by TikTok which are believed to hold much of the value for the popular social

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Trump: „Nicht glücklich“, wenn Chinesen Mehrheit an Tiktok behalten © t3n.de Trump: “Not happy” if the Chinese keep a majority in Tiktok

The video app Tiktok tried to secure its future in the USA through a deal to secure with the software group Oracle. But US President Donald Trump still has doubts - and time is on his side.

US President Donald Trump has dampened prospects for the deal that is supposed to save the video app Tiktok in the US. According to previous announcements, the American software company Oracle will take on the role of a “technology partner”, while according to media reports, the Chinese Tiktok owner Bytedance wants to keep the majority stake. With such a solution he would be "not happy," said Trump on Wednesday. However, he will only be informed about the details of the plan on Thursday. The Wall Street Journal later reported that the White House was pushing for American investors to get a majority in Tiktok. Weeks of tug-of-war over Tiktok

Trump originally gave Bytedance the choice of either parting with Tiktok or accepting an end to the app in the USA. Trump describes Tiktok as a security risk on the grounds that Chinese authorities could get data from Americans. Tiktok and Bytedance deny this. Microsoft spent weeks negotiating a purchase of the Tiktok business in the United States, Canada, New Zealand, and Australia. However, the Chinese government torpedoed this solution with a new rule according to which software algorithms like those from Tiktok can only be sold abroad with Beijing's approval. The new plan was then worked out with the participation of Oracle. According to media reports, Oracle should take over the storage of data from US users - and also get access to Tiktok's software code. This should ensure that the platform does not contain any back doors for Chinese authorities. In addition, the global business of Tiktok will be bundled according to the plan in a new company based in the United States, it said.

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Do not underestimate the desperation and the sheer viciousness these people would descend into in their attempts to do whatever it takes to keep that grenade from landing in their midst and going off and completely exposing them. Trump certainly isn't.

President Donald Trump said Wednesday that he is " not happy " with Attorney General William Barr after the Justice Department's investigation of the Obama administration found no wrongdoing and He also declined to say whether he would keep Barr on as attorney general for a potential second term.

Among other things, US Treasury Secretary Steven Mnuchin now wants to ensure that American investors hold significantly more than 50 percent of the shares in this company. In addition to Oracle and venture capitalists, the supermarket giant Walmart, who wanted to take part in Microsoft's deal, should also be there. Trump also complained that he had to give up his idea that the US state would receive a kind of commission from the sale of the Tiktok business because his government had made the deal possible in the first place. "There is no legal way to do this," said Trump. “I said, wait a minute, you want to pay the government a large amount - and we can't accept the money? How stupid can we be? ”

Trump initially prohibited American companies and individuals from doing business with Tiktok. This order should come into effect at the weekend - if there is no deal by then, it should mean the end of Tiktok in the USA for the time being. Another Trump decree is due to take effect in mid-November, according to which Bytedance has to separate from all data from users in the United States. Bytedance is also no longer allowed to own property in the USA that is used for the operation of Tiktok. dpa

For further reading:

Tiktok's Oracle deal: Who profits - and who not

Cooperation instead of sales: Oracle should host Tiktok in the USA

Tiktok sale burst? This is how powerful the Chinese government is at parent company Bytedance

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This is interesting!