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Why is TikTok being forced to sell?

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Why is TikTok being forced to sell?

The action was linked to concerns that data on US citizens could be transferred through these apps to the Chinese Government, with China’s cybersecurity laws ruling that all user data provided to Chinese-owned companies be submitted to the CCP on request. …

Why did Microsoft buy TikTok?

Microsoft wanted full control to ensure that TikTok met its standards for privacy, security, and online safety, in addition to addressing concerns related to ByteDance’s ties to the Chinese government.

Why would Walmart buy TikTok?

Walmart is one of many retailers that have looked to the popular app as a way to follow trends, create shoppable content, and strengthen its brand among teens and 20-somethings. Walmart buyers consulted TikTok as they decided which toys to order for the holiday season.

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Why did the US buy TikTok?

Why is TikTok for sale? Donald Trump has accused the video-sharing social networking service, which is wildly popular in the US, of being a threat to national security. He claims its Chinese parent company, ByteDance, would give the Chinese government access to user data upon request.

What company owns TikTok stock?

TikTok is owned by a Chinese privately held tech company called ByteDance. ByteDance was valued at $75 billion, but in May 2020 ByteDance’s valuation raised to more than $100 billion in recent private share transactions.

What will happen if Microsoft buys TikTok?

The acquisition also means that Microsoft will gain access to user data that could impact how other products and services are developed inside the company. In a statement on its blog post, Microsoft guarantees to transfer and keep all the personal information of America’s TikTok users in the country.

Which companies are trying to buy TikTok?

Oracle will become TikTok’s cloud provider and a minority investor with a 12.5\% stake. Walmart has tentatively agreed to a purchase 7.5\% stake, and CEO Doug McMillon would serve as one of the five board members of the newly created company.

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Is TikTok still owned by China?

ByteDance still owns TikTok, which added 7 million new US users in the first four months of this year. Trump is gone, and the threat from the US government has receded—but the Chinese government now looms over the popular app.

Is ByteDance a Chinese company?

ByteDance Ltd. (Chinese: 字节跳动; pinyin: Zìjié Tiàodòng) is a Chinese multinational internet technology company headquartered in Beijing and legally domiciled in the Cayman Islands. It was founded by Zhang Yiming, Liang Rubo and a team of others in 2012.

Did Microsoft sell TikTok?

In August 2020, as President Trump threatened to ban TikTok, the Chinese video app’s owner ByteDance approached Microsoft as a possible partner. The day before that deadline, Microsoft revealed that its offer to buy the company had been rejected. In the end, TikTok struck a deal with Oracle and Walmart.

Who owns TikTok in USA?

ByteDance
ByteDance still owns TikTok, which added 7 million new US users in the first four months of this year. Trump is gone, and the threat from the US government has receded—but the Chinese government now looms over the popular app.

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Is Microsoft planning to buy TikTok?

Microsoft says it is still discussing a potential purchase of TikTok, days after Trump first said he would ban the popular short-form video app from operating in the US.

Will trump’s deal with Walmart and Oracle save TikTok?

President Trump said he approved a deal struck with U.S. companies Oracle and Walmart to keep TikTok alive, but the agreement does not accomplish what the president sought to achieve.

Is TikTok shutting down in the US?

Trump on Monday set September 15 as the deadline for TikTok to find a US buyer, failing which he said he will shut down the app in the country. In an unusual declaration, Trump also said any deal would have to include a “substantial amount of money” coming to the US Treasury.

Why is Walmart buying TikTok?

The retail giant’s CEO, Doug McMillon, will sit on the company’s board. Through this deal, Walmart can tap a user base of some 100 million users in the United States. Most of them are young consumers who spend hours on TikTok, mesmerized by the app’s addicting algorithm, which is without peer in Silicon Valley.