[NEW YORK] 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. Read more at The Business Times.
"Not the deal that you have been hearing about, that they are going to buy and sell... and Microsoft and another one. We are not an M&A country," Mr Trump said.
"While we do not comment on rumors or speculation, we are confident in the long-term success of TikTok," TikTok said in a statement. 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 US 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.
In 2018, CFIUS forced China's Ant Financial to scrap plans to buy MoneyGram International Inc over concerns about the safety of data that could identify US citizens.ByteDance was valued at as much as US$140 billion earlier this year when one of its shareholders, Cheetah Mobile, sold a small stake in a private deal, Reuters has reported. The startup's investors include Japan's SoftBank Group Corp.
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