ByteDance offers to forgo stake in TikTok to clinch U.S. deal

Related

By Echo Wang

NEW YORK – China’s ByteDance has agreed to divest the U.S. operations of TikTok completely in a bid to save a deal with the White House, after President Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.

ByteDance was previously seeking to keep a minority stake in the U.S. business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said. Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added.

The White House did not respond to a request for comment on whether Trump would accept ByteDance’s concession. ByteDance in Beijing did not respond to a request for comment

Under ByteDance’s new proposal, Microsoft will be in charge of protecting all U.S. user data, the sources said. The plan allows for another U.S. company other than Microsoft to take over TikTok in the United States, the sources added.

Microsoft did not respond to a request for comment.

(Reporting by Echo Wang in New York; editing by Diane Craft)

- Advertisement -
SourceReuters

Add your comment(s)

 

Latest

Harris’ Indian heritage could boost Biden with Asian-American voters

By Joseph Ax Joe Biden's presidential campaign plans to step up engagement with Asian-American voters this fall and is betting running mate Kamala Harris' experience...

Special report: A collapsing economy and a family feud pile pressure on Syria’s Assad

By Suleiman Al-Khalidi, Maha El Dahan, Tom Perry and Michael Georgy BEIRUT/AMMAN/DUBAI - In May, Syrian tycoon Rami Makhlouf, a cousin and long-time ally of...

Spice is right as Indonesian startups eye value in vanilla

By Fransiska Nangoy and Bernadette Christina JAKARTA - Indonesian Sofa Arbiyanto had a manufacturing job in South Korea two years ago when he learned about...

How a Texas shale supplier’s founders made fortunes as the firm failed

By Liz Hampton On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top...

Twitter to expand censorship rules against misinformation on mail-in ballots & early voting

By Kanishka Singh Twitter said late on Wednesday it plans to expand its rules censoring misinformation regarding mail-in ballots and early voting in the U.S....

Trending