WASHINGTON (REUTERS) - US President Donald trump said on Friday (July 31) that he was planning to sign an executive order as soon as Saturday banning Chinese-owned short-video app TikTok from the United States.. Read more at straitstimes.com.
WASHINGTON - President Donald Trump said on Friday he would sign an executive order as soon as Saturday to ban TikTok in the United States, ratcheting up the pressure on the popular short-video app’s Chinese owner to sell it.
But ByteDance’s valuation expectations for TikTok of more than US$50 billion , and its insistence on retaining a minority stake in the app complicated deal talks, another source said. ByteDance, Microsoft and the US Treasury Department, which chairs the government panel that has been reviewing ByteDance’s ownership of TikTok, declined to comment.
Last week, the US Senate Committee on Homeland Security and Governmental Affairs unanimously passed a bill that would bar US federal employees from using TikTok on government-issued devices. It will be taken up by the full Senate for a vote.ByteDance has been considering a range of options for TikTok amid pressure from the United States to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with U.S. teenagers.
ByteDance acquired Shanghai-based video app Musical.ly in a US$1 billion deal in 2017 and relaunched it as TikTok the following year. ByteDance did not seek approval for the acquisition from CFIUS, which reviews deals for potential national security risks. Reuters reported last year that CFIUS had opened an investigation into TikTok.
Earlier this year, Chinese gaming company Beijing Kunlun Tech sold Grindr, a popular gay dating app it bought in 2016, for US$620 million after being ordered by CFIUS to divest.
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