ByteDance presents to forgo stake in TikTok to clinch U.S. deal: Report


By: Reuters | New York |

Updated: August 1, 2020 7:40:26 pm





US President Donald Trump mentioned on Friday he had determined to ban TikTok. (Image: Reuters)

China’s ByteDance has agreed to divest the U.S. operations of TikTok fully in a bid to save lots of a cope with the White House, after President Donald Trump mentioned on Friday he had determined to ban the favored short-video app, two folks accustomed to the matter mentioned on Saturday.

ByteDance was beforehand in search of to maintain a minority stake within the U.S. enterprise of TikTok, which the White House had rejected. Under the brand new proposed deal, ByteDance would exit fully and Microsoft Corp would take over TikTok within the United States, the sources mentioned. Some ByteDance traders which might be primarily based within the United States could also be given the chance to take minority stakes within the enterprise, the sources added.

The White House didn’t reply to a request for touch upon whether or not Trump would settle for ByteDance’s concession. ByteDance in Beijing didn’t reply to a request for remark

Under ByteDance’s new proposal, Microsoft shall be in command of defending all U.S. person information, the sources mentioned. The plan permits for one more U.S. firm aside from Microsoft to take over TikTok within the United States, the sources added.

Microsoft didn’t reply to a request for remark.

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