Trump Threatens to Block TikTok Deal if ByteDance Stays in Control

Joanna Estrada
October 19, 2020

This claim hit a wall with Oracle's statement that claimed that American firms will control the majority of the stake in TikTok Global and nothing will be given to ByteDance. They described the changes as addressing national security concerns about the transaction and asked not to be identified because of the sensitivity of the matter. The ministry condemned the ban on TikTok and We-Chat, and urged the United States to stop what it called bullying behaviour, adding, China will "take necessary measures to resolutely safeguard legitimate rights and interests of Chinese companies".

Earlier, President Trump said he approved the deal "in concept," and Oracle and Walmart say Trump's announced that ByteDance got approval to resolve outstanding issues in the deal. "I have to see the deal", President Trump told White House reporters on Wednesday evening.

The White House and Treasury declined to comment. "We are a 100% confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok's American users".

TikTok issues a statement after it was announced that it could resume in the USA after the concerns over security issues. "If they're willing to make big payments to the government they're not allowed because ... there's no legal path to doing that". TikTok said on Saturday that it will maintain and expand TikTok Global's headquarters in the USA, providing 25,000 jobs across the country.

"At the President's direction, we have taken significant action to combat China's malicious collection of American citizens' personal data, while promoting our national values, democratic rules-based norms, and aggressive enforcement of USA laws and regulations", Ross said in a prepared statement. Under those terms, the board of directors would have to consist entirely of US citizens and would include a national security committee. The U.S. software giant has given reassurances it can protect TikTok user data from foreign influence. The previous terms hadn't included language on the formation of that committee.

According to the Commerce Department, the banning of downloads for the TikTok and WeChat apps are set to be in effect starting Sunday, September 20.

At least three shareholders in TikTok's Chinese parent company - General Atlantic, Sequoia Capital and Coatue Management - would take stakes in the new business, Bloomberg has reported.

Under the current proposal, there will be five seats on the board of TikTok Global.

" Apart from that, reemphasizing the requirements of a flawless safety blanket for the United States nationals, Trump said to the reporters late on Monday before departing the White House, "If we can save (TikTok), we will save it, and if we can't we will cut it off".

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Other reports by Click Lancashire

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