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.