Reuters: Chinese TikTok owner offers to give up his stake to clinch deal with America | Company news

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Reuters revealed that the Chinese company, ByteDance, agreed to abandon its US operations entirely related to the application of TikTok in an attempt to save a deal with the White House, after US President Donald Trump said Friday that he decided to ban this application, and under the new proposed agreement, ByteDance will exit completely and Microsoft will take over Responsibility of TikTok in the United States.

US officials said that TikTok, which is under a Chinese umbrella, poses a threat to the United States because of the personal data it deals with. The ByteDance waiver would be a test that reveals whether Trump’s threat to ban TikTok is a negotiating tactic or whether he is determined to take tough action against this social media app that has up to 80 million active users daily in the United States.

ByteDance had previously sought to retain a minority stake in US TikTok business, which was rejected by the White House.

Reuters had previously reported that ByteDance had received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer most of TikTok’s ownership to them. The proposal put the value at around $ 50 billion, but some ByteDance executives believe the app’s market value is greater than that.

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