Possible Trump decision on fourth extension for TikTok's 'spyware' concern? Declared buyer denies involvement now
In the ongoing saga of TikTok's presence in the US, Bytedance is reportedly preparing to present a new version of the popular app for American users before the September 17th deadline. This move comes as a consortium, including Oracle, Andreessen Horowitz, and Silver Lake, is set to take control of about 80% of the new app. Engineers from the consortium will create a new recommendation algorithm licensed from ByteDance.
However, not everyone is convinced. Kevin O'Leary, Chairman of O'Leary Ventures, finds Bytedance's plan laughable, likening it to a Trojan horse. He has also presented a bid to take control of TikTok and has referred to the app as 'spyware'.
The push for a US-specific version of TikTok stems from the "Protecting Americans from Foreign Adversary Controlled Applications Act", which was signed into law on April 24th, 2020. This law requires ByteDance to divest TikTok in the United States by early 2025 or face a ban. The law has been upheld by a federal appeals court.
The White House has also been involved in the TikTok drama. President Trump has pushed the enforcement date of the TikTok law three times, the most recent being June 19th. However, he plans to sign an Executive Order this week delaying the TikTok ban for another 90 days.
The issue of TikTok's ties to China and its potential threat to national security has reached the Supreme Court. The court has ruled in favor of the federal law that poses a risk to national security posed by TikTok's ties to China overcomes concerns about limiting free speech.
The TikTok issue has divided opinions among lawmakers. Senators Tom Cotton, Rick Scott, and Ron Johnson have expressed a desire to enforce the TikTok law. On the other hand, Republican senators are reportedly growing impatient with President Trump's extensions of the TikTok deadline.
The state of Texas has also joined the fray, passing a law banning foreign adversaries from buying real estate. This follows a similar law passed by Texas, making it the latest state to take such action.
Commerce Secretary Howard Lutnick has stated that TikTok will go dark if China does not approve a deal for TikTok US's sale by mid-September. Meanwhile, Kevin O'Leary agrees with Lutnick, stating that lawmakers have had enough extensions regarding the TikTok issue.
As the deadline approaches, the future of TikTok in the US remains uncertain. The app's fate hangs in the balance, with a potential new version, a possible sale, and political and legal hurdles to overcome. Only time will tell how this story unfolds.
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