TikTok’s Chinese Owner Offers To Sell Stake To US To Avoid Ban
TikTok’s Chinese owner, ByteDance, is looking to sell its stake in the social network’s US operations to avoid Donald Trump‘s ban of the popular app, which was first announced on Friday (July 31).
After the White House rejected their previous request to keep a minority stake in the US operations, the new proposed deal has ByteDane completely exiting, with Microsoft Corp taking over operations in the States, including the duty of protecting all US user data. However, Microsoft wouldn’t necessarily own the app itself — the possibility of another company taking stewardship would be presented.
RELATED: President Donald Trump Says He’ll Ban TikTok From The United States
It’s also noted that some ByteDance investors that are based in the US may be granted the opportunity to take minority stakes in the business; this to avoid a Microsoft takeover. At the time of writing this article, the White House has yet to comment on ByteDance’s concession.
RELATED: TikTok Responds To Trump’s Pledge To Ban The App: ”We’re Not Planning On Going Anywhere”
Check out the app’s statement to users below, then leave us your thoughts in a comment via Yappa after
A message to the TikTok community. pic.twitter.com/UD3TR2HfEf
— TikTok US (@tiktok_us) August 1, 2020