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Politics ByteDance would forfeit stake in US operations of TikTok to preserve deal: report

09:31  02 august  2020
09:31  02 august  2020 Source:   thehill.com

Trump to Order China’s ByteDance to Sell TikTok in U.S.

  Trump to Order China’s ByteDance to Sell TikTok in U.S. President Donald Trump plans to announce a decision ordering China’s ByteDance Ltd. to divest its ownership of the popular U.S.-based music-video app TikTok, according to people familiar with the matter. © Bloomberg TikTok The U.S. has been investigating potential national security risks due to the company’s control of the app, and Trump’s decision could be announced as soon as Friday. require(["medianetNativeAdOnArticle"], function (medianetNativeAdOnArticle) { medianetNativeAdOnArticle.

ByteDance , the Chinese company that owns the popular social media platform TikTok , said it would forfeit its stake in the U . S . The newly proposed deal would see a complete exit of ByteDance from the platform and usher in Microsoft to take on the management of TikTok in the U . S ., the sources told

ByteDance was previously seeking to keep a minority stake in the U . S . business of TikTok , which Under the new proposed deal , ByteDance would exit completely and Microsoft Corp (NASDAQ The bulk of ByteDance 's revenue comes from advertising on apps under its Chinese operations including

ByteDance, the Chinese company that owns the popular social media platform TikTok, said it would forfeit its stake in the U.S. operations of the app as a way to reach a deal with the Trump administration.

Donald Trump wearing a suit and tie: ByteDance would forfeit stake in US operations of TikTok to preserve deal: report © Getty Images ByteDance would forfeit stake in US operations of TikTok to preserve deal: report

Two people familiar with the discussions told Reuters Saturday of the foreign tech company's alleged offer after President Trump told reporters onboard Air Force One Friday he would order TikTok to be banned in the U.S. this weekend over national security concerns.

Donald Trump claims he will ban TikTok in the US with an executive order

  Donald Trump claims he will ban TikTok in the US with an executive order Earlier today a report surfaced indicating the Trump administration may force TikTok’s Chinese owner ByteDance to sell the app to a US company. This evening, reporters in the White House press pool have said via Twitter, that the president told them on Air Force One that he will ban the social media app in the US. According to Donald Trump, he believes he has the power to do that via executive order. We’ve contact TikTok for a comment, and will update this post when more information is available.BREAKING: Trump tells reporters aboard Air Force One he is banning TikTok— Josh Lederman (@JoshNBCNews) August 1, 2020Per pool, Trump said, “Well, I have that authority.

ByteDance has reportedly agreed to give up its US stake in TikTok to prevent a ban, and Microsoft would protect the data. A ban could have serious consequences if it remained intact for a significant period, and not just to TikTok ’s bottom line.

Under the new proposed deal , ByteDance would exit completely and Microsoft would take over ByteDance was previously seeking to keep a minority stake in the U . S . business of TikTok , which the China's ByteDance has agreed to divest the U . S . operations of TikTok completely in a bid to

On Saturday, TikTok released a video on social media featuring U.S. General Manager Vanessa Pappas addressing the president's latest statements about the app saying, "We're here for the long run."

At one point, ByteDance planned to keep minority stakes in the U.S. business of TikTok, but that concession was rejected by the White House.

The newly proposed deal would see a complete exit of ByteDance from the platform and usher in Microsoft to take on the management of TikTok in the U.S., the sources told Reuters.

The White House, Microsoft and TikTok did not immediately respond to inquiries from The Hill.

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FILE PHOTO: TikTok logos are seen on smartphones in front of displayed ByteDance logo in this NEW YORK (Reuters) - China's ByteDance has agreed to divest the U . S . operations of TikTok ByteDance was previously seeking to keep a minority stake in the U . S . business of TikTok , which Some ByteDance investors that are based in the United States may be given the opportunity to take

FILE PHOTO: TikTok logos are seen on smartphones in front of displayed ByteDance logo in this NEW YORK (Reuters) - China's ByteDance has agreed to divest the U . S . operations of TikTok ByteDance was previously seeking to keep a minority stake in the U . S . business of TikTok , which Some ByteDance investors that are based in the United States may be given the opportunity to take

A spokesperson for TikTok told the New York Times that "while we do not comment on rumors or speculation, we are confident in the long-term success of TikTok."

U.S. officials have cracked down on TikTok's Chinese-based parent company ByteDance over data and privacy concerns that the administration considers a threat to national security.

Earlier this month, a new amendment banning the app from government devices was approved by the House, preventing federal employees from downloading it.

TikTok is reportedly used by nearly 80 million active accounts daily in the United States, and almost 70 percent of ByteDance's outside investors come from the U.S.

Sources told Reuters some ByteDance investors based in the U.S. could be granted the ability to take minority stakes in the company if the White House concession is met.


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Trump backs potential Microsoft, TikTok deal, sets September deadline

  Trump backs potential Microsoft, TikTok deal, sets September deadline President Trump said Monday that social media platform TikTok must end its U.S. operations on Sept. 15 if a pending deal with Microsoft to buy the company from Chinese group ByteDance does not go through."We set a date - I set a date of around Sept. 15, at which point it's going to be out of business in the United States," Trump told reporters. "But if somebody, and whether it's Microsoft or somebody else, buys it, that will be interesting.""We set a date - I set a date of around Sept. 15, at which point it's going to be out of business in the United States," Trump told reporters. "But if somebody, and whether it's Microsoft or somebody else, buys it, that will be interesting.

China’s ByteDance has agreed to divest its TikTok operations in the US , according to a report in Reuters . Under the deal , Microsoft would take over stewardship of the data of Allegedly, ByteDance had previously sought a deal that would allow the company to retain a minority stake in the company.

Chinese firm ByteDance , which owns the popular short-video app, has reportedly offered to completely forgo a stake in the US business of TikTok hours before US Under the new deal , the Chinese owners of TikTok would exit completely to let Microsoft take control of its American operations , while

U.S. to Act Against ‘Array’ of China Software Risks, Pompeo Says .
(Bloomberg) -- The Trump administration will announce measures shortly against “a broad array” of Chinese-owned software deemed to pose national-security risks, U.S. Secretary of State Michael Pompeo said. The comments suggest a possible widening of U.S. measures beyond TikTok, the popular music-video app owned by ByteDance Ltd., one of China’s biggest tech companies. President Donald Trump told reporters Friday that he plans to ban TikTok from the U.S., but his decision hasn’t been announced. Pompeo signaled he expects a Trump announcement “shortly.” © Bloomberg The logo for ByteDance Ltd.

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