Trump claims Chinese leader consented to TikTok agreement
The American future of popular video-sharing app TikTok is looking promising, as per President Donald Trump, who confirmed that investors are getting ready for the news today. Earlier in the week, the US government had spoken of a basic agreement regarding TikTok's future in the US.
According to the latest reports, Oracle is expected to continue as a technical service provider for TikTok in the US. The US companies participating in the planned US subsidiary of TikTok are Oracle, Silver Lake, and Andreessen Horowitz. These companies are set to receive a combined 80 percent stake in the new US TikTok entity, with the remaining shares held by the Chinese owners. Oracle will also continue as the technical service provider for TikTok in the US.
The deal, if finalised, is expected to prevent Chinese influence over the app, as assured by Trump. This comes after the takeover of Twitter by tech billionaire Elon Musk, a former Trump ally, which saw right-wing political voices becoming more prominent on the platform. Mark Zuckerberg, founder of Meta (which includes Facebook and Instagram), has also moved politically closer to the Republicans.
Meanwhile, TikTok has more than 170 million users in the US. However, the situation is unlikely to have any impact on the operation of the short video app outside the US, such as in Germany.
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Chinese President Xi Jinping has agreed to the deal over the video app TikTok, as per Trump. Chinese shareholders will retain the remaining 80% of the new US subsidiary of TikTok. The US government would receive a payment of several billion dollars from these investors as part of the transaction, according to The Wall Street Journal.
The potential deal comes amidst concerns about data privacy and security, as Bytedance, the parent company of TikTok, is seen as a Chinese company. However, Bytedance counters that it is 60 percent owned by international investors and is based on the Cayman Islands. Despite this, Bytedance is bound by many Chinese regulations due to its headquarters in Beijing.
The deal, if it goes through, could potentially increase the financial influence of right-wing political voices on the platform. TikTok faces a potential months-long ban in the US if a deal is not reached by January 19, 2025.
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