Trump says will ban TikTok amid pressure on Chinese owner to sell

It would mean a massive setback to the owner of TikTok, Chinese-based ByteDance. The global success of the app became made it one of the few giant Chinese corporations.

 

Trump will ban TikTok amid pressure on Chinese owner to sell
Tik Tok logo is displayed on the smartphone while standing on the U.S. flag in this illustration pic...

President Trump said he would issue an executive order on Friday as early as Saturday to outlaw TikTok in the US, driving up pressure on the Chinese owner of the famous short-video app to sell it.

The step will continue US national security worries over the security of TikTok’s managed private data. It would mean a massive setback to the owner of TikTok, Chinese-based ByteDance. The global success of the app became made it one of the few giant Chinese corporations. 

TikTok looking to sale par of its company 

Trump’s decision follows frenzied talks between the US government, ByteDance, and TikTok’s prospective buyers, like Microsoft Corp. on Friday.  Besides, they failed to deliver an agreement that, according to sources with knowledge of the issue, would force the Chinese firm to abandon the app’s US activities. Discussions are set to resume in the days ahead.

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Microsoft currently controls LinkedIn’s professional social media network. As a result, it will encounter fewer legal barriers when it comes to buying TikTok. ByteDance ‘s valuation targets of over $50 billion for TikTok and its emphasis on being a minority shareholder has stalled talks of purchase.

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

Furthermore, TikTok has up to 80 million registered users across the US. Trump’s jurisdiction to block the app is not totally clear. Also, it is not clear how the US plans to implement the ban.

According to TikTok, in a statement, “Although we are not commenting on speculation or rumors, we are sure of TikTok’s success in the long-run.

While US-China ties worsen over trade, Hong Kong’s independence, cybersecurity, and the emergence of the novel coronavirus, TikTok has appeared as a major conflict in the feud between the two biggest economies in the world.

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