 "Trump says he will issue executive order delaying TikTok ban, proposes 50% US ownership")
Donald Trump said he will issue an executive order delaying a ban on TikTok when he becomes president on Monday, and proposed the United States take 50 percent ownership in the Chinese-owned app’s American subsidiary.
“I would like the United States to have a 50% ownership position in a joint venture,” the Republican posted on his Truth Social platform, adding that his executive order would extend the time before a law banning the video-sharing app ultimately takes effect “so that we can make a deal.”
He said his “initial thought” was for “a joint venture between the current owners and/or new owners whereby the U.S. gets a 50% ownership in a joint venture set up between the U.S. and whichever purchase we so choose.”
Trump said his order would “extend the period of time before the law’s prohibitions take effect” and “confirm that there will be no liability for any company that helped keep TikTok from going dark before my order.
“Americans deserve to see our exciting Inauguration on Monday, as well as other events and conversations,” Trump wrote.
The law gives the sitting president authority to grant a 90-day extension if a viable sale is underway. Although investors made a few offers, ByteDance previously said it would not sell. In his post on Sunday, Trump said he “would like the United States to have a 50% ownership position in a joint venture,” but it was not immediately clear if he was referring to the government of an American company.
Impact Shorts
More Shorts“By doing this, we save TikTok, keep it in good hands and allow it to say up,” Trump wrote. “Without U.S. approval, there is no Tik Tok. With our approval, it is worth hundreds of billions of dollars - maybe trillions.”
The federal law required ByteDance to cut ties with the platform’s U.S. operations by Sunday due to national security concerns posed by the app’s Chinese roots. THe law passed with wide bipartisan support in April, and U.S. President Joe Biden quickly signed it. TikTok and ByteDance sued on First Amendment grounds, and the U.S. Supreme Court upheld the statute on Friday.
Millions of TikTok users in the U.S. were no longer able to watch or post videos on the platform as of Saturday night. “A law banning TikTok has been enacted in the U.S.,” a pop-up message informed users who opened the TikTok app and tried to scroll through videos. “Unfortunately that means you can’t use TikTok for now.”
“A law banning TikTok has been enacted in the U.S.,” a pop-up message informed users who opened the TikTok app and tried to scroll through videos. “Unfortunately that means you can’t use TikTok for now.”
The service interruption TikTok instituted hours early caught most users by surprise. Experts had said the law as written did not require TikTok to take down its platform, only for app stores to remove it. Current users were expected to continue to have access to videos until the app stopped working due to a lack of updates.
The company’s app also was removed from prominent app stores, including the ones operated by Apple and Google. Apple told customers with its devices that it also took down other apps developed by TikTok’s China-based parent company, including one that some social media influencers had promoted as an alternative.
Trump security adviser doesn’t rule out continued Chinese ownership of TikTok
Meanwhile, President-elect Donald Trump would not rule out continued Chinese ownership of TikTok if steps were taken to ensure that American users’ data was protected and stored in the U.S., incoming National Security Adviser Mike Waltz told CNN on Sunday.
TikTok stopped working for its 170 million American users on Sunday after a law took effect banning the app’s continued operation over U.S. politicians’ concerns that Americans’ data could be misused by Chinese officials.
Waltz told CNN the president-elect is working to “save TikTok” and doesn’t rule out continued Chinese ownership coupled with “firewalls to make sure that the data is protected here on U.S. soil.”
Waltz also spoke to CBS News on Sunday and said Trump needed time to sort out issues related to TikTok, while adding that an extension was needed for TikTok to evaluate proposed buyers.
With inputs from agencies.
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