TikTok is given up until September 15 to completely sell its U.S. operations before President Trump clamps down on its business.
Day after day, TikTok rises to the top of the headlines as users in the U.S. become aware of the impending ban on the app. The rise of the video content app skyrocketed because it was the world’s way of trying to cope with the pandemic. Unfortunately, its glory days have been marked following the announcement of President Donald Trump.
TikTok has until September 15
President Trump is only giving TikTok until the second week of September to sell its operations in the United States. He adds that whatever amount comes out of the deal, the U.S. Treasury should be entitled to a ‘substantial portion’. Trump attributes the cut because it is making the sale possible. Also, no else thought about it other than his office.
The White House has forced ByteDance’s hands after it was threatened by a complete ban in the U.S. Instead of simply giving up, the Chinese company may have to sell just to salvage its investments in the country. Fortunately, Microsoft has stepped up to the plate and could possibly be the buyer of the company.
The talks between Microsoft and ByteDance have only been preliminary. As such, no concrete details of the conversations have been disclosed. Nevertheless, Microsoft commits to clean up the app to ensure the safety of the app’s users in the United States. Moreover, it will purchase TikTok because it appreciates the security concern of the White House over national security.
The threat to the U.S.
Russell Flannery of Forbes thinks that the problem with TikTok goes beyond the security issue it poses. Flannery said that the U.S. is threatened because TikTok rose up the ranks in global usage. Further, ByteDance is a completely Chinese-rooted company, which makes it all the more threatening for the country.
TikTok will be another app that comes from China and not Silicon Valley that took the world by storm. The first would be Tencent’s WeChat, which has surpassed WhatsApp in terms of features and innovation.
The price dangled for TikTok allegedly hovers around the $50 billion price point. Flannery said that this would have been an absurd thought a couple of decades back. Nevertheless, the U.S. is where it’s at, and it has to continue innovating. Otherwise, Chinese companies could take over the world in the tech industry and leave the U.S. behind.
It’s already started, and it will only be a matter of time to be completed unless the U.S. acts fast.
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