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| ByteDance tries to avoid selling Tik Tok entirely |
ByteDance, a Chinese company, is negotiating with the US government about a potential solution that could allow it to avoid the full sale of TikTok and keep a portion of the US business while satisfying both Chinese and US regulators. .
A person familiar with the matter told CNBC that these options include transferring operational control of TikTok data to a US tech company while retaining ownership of some of the assets.
The Wall Street Journal previously reported that ByteDance is working with the US government to investigate how to avoid selling Tik Tok entirely.
The newspaper said: The debate has been going on for several months and the situation is still turbulent. It is not known whether the Trump administration is willing to accept such a solution.
The White House previously set a deadline for Chinese companies to announce their intention to sell Tik Tok business in the US to a US company on September 20. Otherwise, it will be closed in the US until September 29.
This Chinese app has been downloaded 175 million times in the US and more than a billion times downloaded worldwide. Filed a lawsuit challenging the US government action.
Lawsuit Alleges, Trump's Order, Abusive International Emergency Powers Act; Because the platform is not an unnatural threat.
ByteDance is said to be in negotiations with Oracle and Microsoft. Microsoft has partnered with Wal-Mart to take over TikTok operations in the US.
The deal was close to completion and prompted CEO Kevin Meyer to announce his resignation.
However, after Chinese authorities imposed further restrictions on technology exports, the deal ran into hurdles that might force China to agree to Chinese apps to sell its algorithms, which is one of the values. TikTok basics.
The Wall Street Journal writes, “Even if there isn't a complete sale, the result could involve some sort of reorganization of the app. This might include a transaction in which the app is associated with a US tech partner who helps protect data and may have a small stake. The trade.”