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US Corporations Could Get A Majority In TikTok Deal

As President Trump's deadline for selling Tiktok's U.S. business draws nearer, there is fierce fighting behind the scenes.

US Corporations Could Get A Majority In TikTok Deal
Yazar: Tom Roberts

Yayınlanma: 18 Eylül 2020 21:22

Güncellenme: 17 Aralık 2024 23:56

US Corporations Could Get A Majority In TikTok Deal

In the game of poker for the future of the popular Tiktok video app in the USA, President Donald Trump has announced a swift decision. The US government spoke to the software company Oracle and the supermarket giant Walmart, both of which are supposed to join Tiktok, as Trump said. "I guess Microsoft is still there," said the president surprisingly. The software giant had negotiated to buy the Tiktok business in the US and other countries, but announced a few days ago that its offer had been rejected by the Chinese Tiktok owner Bytedance.
The talks are under time pressure: At the weekend, a Trump decree from the beginning of August will come into force, which prohibits Tiktok doing business with companies and people in the USA. Without a deal, the app threatens to end in the US market, where Tiktok claims to have around 100 million users. Trump describes Tiktok as a security risk on the grounds that Chinese authorities could get data from Americans. Tiktok and Bytedance deny this. A deal for Tiktok has to be approved by the president. Microsoft's talks had been torpedoed by the Chinese government: They introduced a rule according to which they must agree to the sale of software algorithms abroad. This software, which has been developed over the years, decides, for example, which videos are suggested to a user next - and is considered one of the secrets of Tiktok's success. A replacement plan was then quickly worked out, according to which Oracle would act as Tiktok's technology partner and the global video app business would be brought into a new company based in the USA.
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