Will ban TikTok, says Trump amid pressure on ByteDance to sell it
August 7, 2020

Will ban TikTok, says Trump amid mounting pressure on ByteDance to sell it

NEW YORK/WASHINGTON (US) – President Donald Trump said on Friday that he would ink an executive order on Saturday to ban China-owned ByteDance’s app TikTok in the country, intensifying the pressure on its owner to sell it.

This move will be the climax of the concern of national security over the safety of the personal data of TikTok users. It will be a big blow to ByteDance, which is based in Beijing. It became an international conglomerate after TikTok became hugely successful.

The president’s announcement came after talks between the White House, ByteDance and potential buyers of the app, including Microsoft. But they failed to reach a consensus about the Chinese firm shedding the app’s operations in the US. The discussions are likely to continue in the coming days.

Microsoft, which owns LinkedIn, faces lesser regulatory hurdles in buying the app than its competitor Facebook.

ByteDance’s insistence on getting more than $50 billion in the deal and retaining a minority stake in TikTok led to complications in the discussions, said a source.

“Not the deal that you have been hearing about, that they are going to buy and sell… and Microsoft and another one. We are not an M&A (mergers and acquisitions) country,” Trump said.

The application has 80 million active users in the US.

(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field

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