World
Trump Demands 50% U.S. Ownership of TikTok
U.S. President-elect Donald Trump has announced his plan to allow TikTok to continue operating in the US, but with a condition that the U.S. should own at least 50% of the Chinese-owned short-form video app.
Trump stated this during his rally in Washington on the eve of his inauguration.
He said, “TikTok is worth nothing, zero without an approval.”
“If you do approve, they’re worth like a trillion dollars, they’re worth some crazy number.”
Trump proposed a joint venture between the US and TikTok’s current owners, ByteDance, or potential new owners. “I’m approving on behalf of the United States, so they’ll have a partner, the United States, and they’ll have a lot of bidders,” he explained.
The app’s future in the US was uncertain due to a new law requiring TikTok to be sold by its Chinese owners or face a ban. The law led to a 12-hour block on access for US-based users on Sunday. However, after Trump’s announcement, the app came back online, and the company expressed gratitude for the clarification.
TikTok’s response included a statement thanking Trump “for providing the necessary clarity and assurance to our service providers that they will face no penalties providing TikTok to over 170 million Americans.” The company also pledged to work with Trump on a long-term solution to keep TikTok in the US.
