U.S. President Donald Trump and White House officials are close to approving a new “TikTok America” plan that would save the popular video sharing app from its impending ban by transferring ownership of roughly half of its U.S. business to local investors — reports Investor’s Business Daily.
TikTok has been facing a country-wide ban in the U.S. since the government passed the Protecting Americans from Foreign Adversary Controlled Applications Act last year, targeting “foreign adversary controlled applications” over national security concerns. The law promises action against Chinese-owned apps like TikTok and companies that distribute or otherwise work with them.
U.S. policymakers passed a law requiring ByteDance to sell off TikTok by January 19 or see the app banned in the country. However, Trump delayed enforcement of the ban for 75 days with an executive order shortly after his inauguration, promising to “save” the app.
According to the latest report, the White House’s plan to curb national security concerns against TikTok involves several U.S. private capital firms such as Andreessen Horowitz, Blackstone, and Silver Lake buying a major interest in the app. Tech giant Oracle, meanwhile, would handle U.S. users’ TikTok data.
Any deal involving a share sale would require approval from TikTok owner ByteDance, which explicitly refused to sell the app last year. The purported deal would see ByteDance’s stake in TikTok go down to about just 20%.
Trump’s “TikTok America” plan would likely also need approval from the Chinese government. Whether the sale would include TikTok’s proprietary video recommendation algorithm remains a contentious issue, as the Chinese government reportedly wants it to remain under ByteDance’s ownership with TikTok’s new U.S. owners licensing it from the company.
The “TikTok America” plan is still under review and subject to change, per sources. Trump previously also floated the idea of the U.S. government owning a stake in TikTok, and the White House has a few other options as well. Most notably, tech giant Amazon this week submitted a last-minute bid to acquire TikTok.
Trump’s 75-day reprieve of the TikTok ban expires on Saturday, so an official announcement on the app’s future in the U.S. is expected imminently.
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The app is either a security risk or it’s not, stealing the shares will not change that. Legal robbery is what this is.
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