Tiktok, owned by the Chinese company byTedance, is at the heart of the US controversy for four years now due to concerns about users who may have access to the Chinese government.
As a result, US users were often found to have been caught in the middle of this tension. Earlier this year, the application was temporarily interrupted in the US that left millions of users in anxiety before it was quickly restored. Tiktok returned to the App Store and the Google Play Store in February.
Some investors compete for the opportunity to buy the app and, if a deal was to pass, the US company could have the assessment of the upward appreciation $ 60 billionas estimated by the senior Vice President of CFRA Research, Angelo Zino.
After extensive discussions and after Trump expanded the deadline for a ban on Tiktok for the fourth time, it appears that progress has been made. Last week, President Trump announced that China’s Xi President had given his approval for a Tiktok deal, which would allow a consortium of US investors to control the platform. ByTedance has publicly stated that it would ensure that the platform remains available to American users.
Who will take over the ownership of Tiktok in the US?
Recently, a “frame” agreement was created between the US and China, with New information was disclosed Signing that an investor consortium, including Oracle, Silver Lake and Andreessen Horowitz, can oversee US Tiktok companies.
These investors are expected to hold a share of 80% and the other shares will belong to Chinese interested parties. The Board of Directors of the new entity will consist mainly of US members, with one member appointed by the US government.
During the weekend, Trump reported in an interview with Fox that Rupert Murdoch and his son Lachlan “probably” will play a role, along with Oracle Larry Ellison and Dell Technologies CEO Michael Dell.
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Oracle is likely to handle the safety and security measures of the application. The company already provides cloud services for Tiktok and manages the US user data, in particular, Oracle has previously made a bid for Tiktok in 2020.
In addition, as part of the proposed arrangement, Oracle will reproduce and secure a new US version of the algorithm, according to a White House official. US -based Tiktok owners could rent the algorithm from ByTedance, which Oracle will re -educate.
ByTedance will not have access to information about US US users or any influence on the American algorithm.
What users should know in the US
Reports from Parachute Say that when the deal is completed, the Tiktok application will be interrupted in the US and users will have to go to a new platform. However, the details of this platform remain largely unclear, including its characteristics and how it will differ from the original application.
How did we get here
To fully understand this high -stage drama, we will first review the timetable of Tiktok’s hectic relationship with the US government, which has led to various legal battles and negotiations.
Drama began for the first time in August 2020, when Trump signed an executive order to ban transactions with the parent company byTedance.
A month later, Trump’s management tried to force Tiktok’s US businesses to a US -based company. The top candidates included Microsoft, Oracle and Walmart. However, a US judge temporarily prevented Trump’s executive order, allowing Tiktok to continue to operate, while the legal battle unfolded.
Things began to go even further last year after the transition to Biden administration. After the Senate passed the bill against Tiktok, President Joe Biden signed it.
In response, Tiktok sued the US government, questioning the constitutionality of the ban and arguing that the implementation and its US users were making the rights of the first amendment. The company has consistently denied that it is a threat to security, arguing that its stored data in the US is complying with all local laws.
Fast forward until today: Trump He has changed his heart since his first term and is trying to achieve a 50-50 ownership arrangement between BYTEDance and an American company.
There were several candidates including The offer of people to Tiktok A consortium organized by the founder of the Liberty Frank McCourt project. This team is supported by the Guggenheim Securities investment company and the Kirkland & Ellis law firm. Supporters include co -founder Reddit Alexis OhaniosTV personality and investor Kevin O’learyInventor of the World Wide Web Tim Berners-Lee, and senior researcher David Clark.
Another group, called Consortium American Investor, is directed by Employer.com Founder Jesse Tinsley and includes co -founder Roblox David BaszuckiThe co -founder of Anchorage Digital Nathan McCauley and the famous YouTuber Mrbeast.
Others in the run included Amazon, ApplovinMicrosoft, Embarrassment; RumbleWalmart, Zoop, Former Managing Director Activision Bobbiesand former US Finance Minister Steven Mnuchin.
The story has been informed after the publication.
