President Trump to Force Chinese Investors to Sell TikTok
Home » President Trump to Force Chinese Investors to Sell TikTok
Business & Startups

President Trump to Force Chinese Investors to Sell TikTok


‘Bloomberg’ reports the president plans to order China’s ByteDance to sell TikTok in the U.S.

Free Book Preview No BS Guide to Direct Response Social Media Marketing

The ultimate guide to – producing measurable, monetizable results with social media marketing.


1 min read


President Donald Trump plans to employ the Council on in the United States (CFIUS) to force China’s Ltd. to divest its ownership of TikTok, Bloomberg reports. The announcement could come as early as Friday, and it follows a CFIUS security review of TikTok and its parent company last fall.

ByteDance bought Musical.ly Inc., a lip-sync app, for $1 billion in 2017 and merged it with TikTok to create the social media phenomenon it has become in the U.S. However, select politicians and some members of the public have found issues with the company’s privacy practices and ByteDance’s alleged relationship with the Chinese Communist Party.

According to Bloomberg, “TikTok has been looking for ways to distance itself from its Chinese ownership, seeking to reassure the public that no data is stored on servers in China and that the app operates independently. ByteDance even appointed a CEO formerly of Co, Kevin Mayer, to run its operations in America.”

This process has recent precedent — earlier in 2020, Kunlun Tech sold LGBTQ dating app Grindr for more than $600 million after the CFIUS raised national security concerns in 2019.



Source link

LATEST RELATED POST

Free Webinar | Dec. 17: Acorns CEO Shares How He Built the Largest Subscription Service in Consumer Money

Goalshakers

Why Positioning Is More Important Than Ever

Goalshakers

Need Help Telling Your Startup Story? This Illustration Kit Is on Sale for $100 Off.

Goalshakers

The entrepreneur who took a million pesos in Shark Tank Mexico with his grandmother’s recipe

Goalshakers
Goalshakers