As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by REUTERS.COM:
NEW YORK/WASHINGTON (Reuters) – China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.
U.S. officials have said TikTok under its Chinese parent poses a national risk because of the personal data it handles. ByteDance’s concession will test whether Trump’s threat to ban TikTok is a negotiating tactic or whether he is intent on cracking down on a social media app that has up to 80 million daily active users in the United States.
The article goes on to state the following:
Trump told reporters onboard Air Force One late on Friday that he would issue an order for TikTok to be banned in the United States as early as Saturday. “Not the deal that you have been hearing about, that they are going to buy and sell… We are not an M&A (mergers and acquisitions) country,” Trump said.
ByteDance was negotiating to keep a minority stake in the U.S. business of TikTok. The White House rejected the idea, Reuters reports. The new deal proposes that ByteDance will exit completely.
Under the new deal, Microsoft would be in charge of protecting all U.S. user data, Business Insider reported. The deal also allows for “another U.S. company other than Microsoft to take over TikTok in the United States,” the sources said.
TikTok has up to 80 million active daily users in the United States.
ByteDance offers to ‘divest’ its stake in TikTok’s US operations to avoid Trump ban https://t.co/4ibrXdnBL9
— Business Insider (@businessinsider) August 1, 2020
To get more information about this article, please visit REUTERS.COM.