Trump Said Microsoft and Other TikTiok Buyers Agree to Payment to US Treasury
President Trump claimed on Wednesday that Microsoft and other companies interested in buying TikTok's US business have agreed to a "big payment" to the US Treasury should they finalize a deal.
Source: Fox Business
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Trump Plans to Block WeChat and TikTok Downloads on Sunday
The Commerce Department plans to restrict access to TikTok and WeChat on Sunday as the Trump administration's executive orders against the two apps are set to take effect, according to CNN business.
The Department said Friday that, as of Sunday, any moves to distribute or maintain WeChat or TikTok on an app store will be prohibited. While users who have already downloaded the apps may be able to continue using the software, the restrictions mean updated versions of the apps cannot be downloaded.
The restrictions targeting WeChat are more extensive. Beginning Sunday, it will be illegal to host or transfer internet traffic associated with WeChat.
WeChat, one of the world's most popular social messaging apps, is owned by the Chinese Internet giant Tencent. And it is a popular marketing and sales tool for the United States companies, primarily in China. TikTok's parent company is Beijing-based ByteDance.
The department's move is the enforcement of Trump's original executive order from Aug 6 that gave TikTok 45 days to sell its US business to an American company or face a ban in that country. But the announcement also lays out a different time frame specific to TikTok, giving it until Nov 12 to resolve the US national security concerns.
The deadline set for the TikTok deal is a Sunday, Nov 12, leaving time for TikTok and Oracle to hammer out a deal that can be approved by Trump and the Chinese government.
TikTok Opposes the US Decision to Continue Processing Trump's Exclusive Order
TikTok's New Revision Keeps ByteDance as Majority Owner
TikTok's Chinese parent company, ByteDance, will continue to be a majority shareholder in the short-form video app under a proposed deal with Oracle being reviewed by the Trump administration this week, according to CNN business.
If both Trump and the Chinese government approve this new deal, Bytedance would still be the majority owner of this popular short-video App. And TikTok would become a global company with headquarters in the United States. At the same time, Oracle will host TikTok's user data and review TikTok's security code. As for Walmart, it may still have a role to play in the deal as a possible minority investor and e-commerce partner.
According to Bloomberg, at least three shareholders in TikTok's Chinese parent company -- General Atlantic, Sequoia Capital and Coatue Management -- would take stakes in the new business.
Also, according to people who familiar with the matter, TikTok would go public on an American stock market in about a year if the deal went through.
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Microsoft's Bid for TikTok's US Business Rejected
On September 13, Microsoft announced that Tiktok's parent company ByteDance has rejected Microsoft's offer to acquire Tiktok's US business. Compared to competitor Oracle, Microsoft, which cooperated with Walmart Inc., was once considered a more likely winner.
After Microsoft was rejected, Oracle became TikTok's only known remaining competitor. People familiar with the matter said that Oracle Corp.'s negotiations for TikTok's US operations intensified in recent days, indicating that the software maker was surpassing its main rival, Microsoft Corp. A decision may be made in the next few days.
TikTok and Microsoft's early US deal offer was around USD 25 billion, and seemed promising. But after Beijing officially announced new regulations to restrict technology exports, the situation may have changed abruptly.
In addition, ByteDance, the parent company of TikTok, will not sell or transfer the algorithm behind the popular video-sharing app in any sale or divestment deal.
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ByteDance in Talks with US Government to Avoid Full Sale of TikTok
TikTok's parent company ByteDance is discussing possible solutions with the United States government, which will allow the company to avoid a full sale of social media operations of the US business, according to Wall Street Journal.
People familiar with the matter said that, after China's new regulations complicated negotiations with bidders Microsoft Corp. and Oracle Corp., ByteDance is increasingly likely to miss the Trump administration's deadline to sell its US-based TikTok business.
The White House previously set the deadline for ByteDance on September 20 to announce plans to sell TikTok's US business to a US company. Otherwise, it will face a shut down by September 29. Any such transactions must be completed by November 12.
After Trump's ban, China officials introduced new restrictions on technology exports of artificial intelligence technologies on August 30. New restrictions included speech recognition and techniques for personalizing content.
The company has been negotiating with Microsoft to sell TikTok's US operations in partnership with Walmart, or Oracle.
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