InvestorQ : What happens now that Trump has given the Chinese owner of Tik Tok just 90 days to divest itself of its US assets?
Anu Biswas made post

What happens now that Trump has given the Chinese owner of Tik Tok just 90 days to divest itself of its US assets?

Answer
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Ria Jain answered.
1 month ago


On 14 August, Donald Trump gave ByteDance of China 90 days to exit its assets is the US. ByteDance is the owner of the highly popular Tik Tok app, which has gathered a huge market share in the US video upload market, apart from the rest of the world.

As usual, Trump has expressed apprehensions that ByteDance might take actions that could impair the national security of the US. Currently, Tik Tok app has over 100 million users in the US. It is not clear what happens to these, mostly young, Tik Tok users in the US.

Satya Nadella has been in the fray to acquire the US operations of Tik Tok, but China has strongly protested any tactics that would allow the US to gain control of Tik Tok through the back door. Trump had exercised emergency powers under a 1977 law over unusual threats.

Tik Tok has been far from pleased with the US approach in this matter. ByteDance averred that the US administration paid no attention to facts and did not follow standard legal processes. It also alleged that the government tried to insert itself into private negotiations.

While the last word may not have been said on the matter, it is reported that ByteDance had approached Reliance Jio to take over the digital property of ByteDance in the US to avoid being taken over by a US company like Microsoft. That has not been confirmed.