Last-Minute TikTok Deal Averts Shutdown (cbsnews.com) 105
"President Donald Trump said Saturday he's given his 'blessing' to a proposed deal that would see the popular video-sharing app TikTok partner with Oracle and Walmart and form a U.S. company," reports CBS News:
Mr. Trump has targeted Chinese-owned TikTok for national security and data privacy concerns in the latest flashpoint in the rising tensions between Washington and Beijing. The president's support for a deal comes just a day after the Commerce Department announced restrictions that if put in place could eventually make it nearly impossible for TikTok's legions of younger fans to use the app. Mr. Trump said if completed the deal would create a new company likely to be based in Texas...
TikTok said Oracle and Walmart could acquire up to a cumulative 20% stake in the new company in a financing round to be held before an initial public offering of stock, which Walmart said could happen within the next year. Oracle's stake would be 12.5%, and Walmart's would be 7.5%, the companies said in separate statements. The deal will make Oracle responsible for hosting all TikTok's U.S. user data and securing computer systems to ensure U.S. national security requirements are satisfied. Walmart said it will provide its ecommerce, fulfillment, payments and other services to the new company. "We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the U.S. administration and settle questions around TikTok's future in the U.S.," TikTok said in a statement.
"According to a source close to the matter, ByteDance would keep the rest of the shares," reports a public TV station in Australia. "But since the Chinese company is 40 per cent owned by American investors, TikTok would eventually be majority American-owned."
Today America's Treasury Department told CBS that the deal still needs to close with Oracle and Walmart, and those documents and conditions then need to be approved by government regulatory. But because of today's announcement, "the department said Saturday that it will delay the barring of TikTok from U.S. app stores until Sept. 27 at 11:59 p.m."
TikTok said Oracle and Walmart could acquire up to a cumulative 20% stake in the new company in a financing round to be held before an initial public offering of stock, which Walmart said could happen within the next year. Oracle's stake would be 12.5%, and Walmart's would be 7.5%, the companies said in separate statements. The deal will make Oracle responsible for hosting all TikTok's U.S. user data and securing computer systems to ensure U.S. national security requirements are satisfied. Walmart said it will provide its ecommerce, fulfillment, payments and other services to the new company. "We are pleased that the proposal by TikTok, Oracle, and Walmart will resolve the security concerns of the U.S. administration and settle questions around TikTok's future in the U.S.," TikTok said in a statement.
"According to a source close to the matter, ByteDance would keep the rest of the shares," reports a public TV station in Australia. "But since the Chinese company is 40 per cent owned by American investors, TikTok would eventually be majority American-owned."
Today America's Treasury Department told CBS that the deal still needs to close with Oracle and Walmart, and those documents and conditions then need to be approved by government regulatory. But because of today's announcement, "the department said Saturday that it will delay the barring of TikTok from U.S. app stores until Sept. 27 at 11:59 p.m."
It's no coincidence that Oracle bought it (Score:5, Insightful)
More crony capitalism. (Score:3, Insightful)
The fact that Tiktok is seeking to IPO soon, means that Oracle and Walmart are going to make billions in profit from their buddy holding the oval office.
It is all fun and games until such happy times (Score:1)
when the precedents you created are used against you.
And that time is not very far away.
Re: (Score:2)
Re: (Score:1)
Nice try, but first, what you claim about China's business environment isn't actually true. There are many forms that you can do business in China, and quite a few of them do not involve ceding control to a local company, giving them "your secrets", etc. You can read more here on the multitude of options that you have if you want to do business in China.
https://www.saporedicina.com/e... [saporedicina.com]
Second, I do not recall China ever claiming to be the champion of free trade and free enterprise like the US does at every
Re: (Score:2)
For a corporation to set up shop in China it must partner with a local company, that naturally has full access to everything. And a few years later after they have taken all your secrets they go into business against you, with the CCP supporting them and supressing you.
And American companies are more than happy to do this, if it means they get a few quarters of extra profits. They'll even whine for tax breaks "to project jobs". By the time it hits the fan they've bought a new yacht, a new mistress, and can pull the ripcord on their golden parachute.
Re: (Score:2)
Here we see that play out again. Tiktok will probably be pretty much unchanged, but a select few po
Bread and circuses (Score:5, Insightful)
This was nothing more than Trump wanting to appear tough on China without it backfiring by pissing off farmers and factory owners that buy their raw materials from China. His base gets to see him put a feather in his cap right before the election, and many of them probably aren't clued into the fact that TikTok is essentially just Vine reincarnated. It's just the latest in a line of ephemeral social media apps that would've lost its userbase as they grew up and got real jobs, but will now likely meet a much sooner demise at the hands of evil corporate overlords. Something similar happened to this once-popular P2P music sharing service I forget the name of... (and ultimately made no difference in the ability to pirate music today [reddit.com]).
The real sinister part of what happened here is the president threatening to shut down an app he didn't like. If that isn't enough to make the partisan blinders fall off, there's not much hope left for this country.
Re:Bread and circuses (Score:5, Informative)
This was nothing more than Trump wanting to appear tough on China
Oh it's even dumber than that. Trump didn't even know what TikTok was until his first Fox News questioned why they allowed k-pop stars to virally suggest people register for his campaign in Tulsa without any intention of going. Despite how I think it didn't have much of an impact there's plenty of news sites that blame TikTok for the poor turnout at his first campaign event.
Check out this lovely trend: https://trends.google.com/tren... [google.com]
Analysis:
May: Trump had a cry about TikTok carrying videos of him mashing up all of his stupidities with the hashtak #trumpisms. That's the first time Trump mentioned TikTok
June: Trump's Tulsa rally gets a ghost acceptance thanks in part to a Tiktok campaign to register for tickets without intending to go that went viral. Since then a new base level of TikTok was in the news including Trump's favourite pundits questioning why they are allowed to continue to operate and why they didn't filter this campaign out.
July: First time TikTok and national security get mentioned in the same article, because Trump needed something to justify his tantrum.
What I don't understand is how a guy that fat can have such thin skin.
In
Re:It's no coincidence that Oracle bought it (Score:5, Interesting)
As I posted before, but worth saying again .. Oracle would be far worse than China. Think Google/Facebook on steroids times ten.
Just watch this interview with the CEO of Oracle: https://www.youtube.com/watch?... [youtube.com]
China despite it's bad intentions can do less damage than Oracle. This is like jumping from the frying pan straight into the fire. Not sure why there is very little awareness or publicity about this.
Re: (Score:2)
Re: (Score:1)
@2:54 "I give you all other information about me in exchange for a VISA card. America has given up essentially all of [privacy] except for medical records to make shopping more convenient."
Not that I necessarily agree, but I think he actually makes a good point there. If all the privacy intrusion is tolerated just for a VISA card, then why not just go one step further, include medical records and make something useful out of it. Or maybe take a step backwards and stop the madness with VISA card.
Re: (Score:2)
that Oracle's owner is buddies with Donald Trump
Have we gotten this far in the Slashdot retardation process that we no longer just say Larry Ellison? For me personally I find it hard to believe that either Larry or Donald have real world friends that they also consider friends themselves. Oh to be a fly on the wall when these two ultra-narcissists have lunch together. Do we have any pictures of Steve and Donald being in the same room? Wonder how they'd manage to find a space big enough to contain both of their egos.
I doubt Bytedance gave a fuck who Donal
Re: (Score:1, Troll)
When India banned TikTok that was also because of the republican party?
What the hell kind of an argument is that? Nobody said schizo lunatics were confined to one country. Here, they seem to have agglutinated into the Republican party. In India I guess they agglutinated into some other party (BJP, or Sangh Parivar is it?). In 1930s Germany it was the Nazi party.
Re: (Score:1)
You rattled that out like a catechism. You've been well taught.
Re: (Score:2)
In 1930s Germany it was the Nazi party.
In 1930s Germany it was the Communist party. The Nazi party was a response to that, time to go learn your history.
You should learn yours. The DAP and KPD formed at the same time, but DAP in response to primarily the armistice of 1918, not the KPD, although it was from the outset anti-communist.
Re: (Score:2)
...Whenever young people start to organize politically the Republican party will be there to break it up. Just like Occupy Wall Street before this and like Nixon's Drug war before that.
Really? Young people, go ahead and organize a 3rd political party that demands to legalize and tax all drugs, shut down illegal immigration, end all wars, and provide Medicare for All.
Let me know which political gang shows up first to shut ALL of that shit down. Then tell me why it matters which fucking color they're wearing.
Re: (Score:1)
I'm confused (Score:5, Insightful)
Is all this brouhaha about privacy/security for users or is it about forcing changes to a foreign company just to have financial/control benefits to US companies?
Sounds like just another business deal and Walmart and Oracle are the primary beneficiaries.
Re: (Score:2)
Same, and this: "... in a financing round to be held before an initial public offering of stock, which Walmart said could happen within the next year. Oracle's stake would be 12.5%, and Walmart's would be 7.5%, the companies said in separate statements"
How is a year going to stop the blocking of TikTok in a week's time?
The article goes on to talk about a 40% stake ... someone else is confused too.
Explanations (Score:5, Informative)
> How is a year going to stop the blocking of TikTok in a week's time?
Quoting TFS "President Donald Trump said Saturday he's given his 'blessing' to a proposed deal". The action was taken *by* the executive at the *request* of Senator Chuck Schumer, based on National Security Act of 2007 (FINSA) and the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA), give the president the power to enforce the law. The deadline is part of the executive branch action, at the request of a Senator - the deadline is not statute. Because the administration set the deadline and can allow it under whatever conditions (so long as the process complies with FINSA amd FIRRMA), the president okay'ing the deal is all that's needed at this point.
> The article goes on to talk about a 40% stake ... someone else is confused too.
ByteDance is 40% American-owned. That's part of the original terms, it was other terms that Bytedance violated to start this. ByteDance will own 80% of the new company. .40 X .80 = .32. So the new company has 32% American ownership through Bytedance. Plus Walmart and Oracle will own 20%. 32% + 20% = 52% US ownership of the new company. Ownership of more 50% = control of the company.
Then after the IPO there will be more US ownership.
Re: (Score:1)
Re: (Score:2)
I don't think I quoted Schumer. If you'd like to know what Chuck Schumer (head Democrat in the Senate) has had to say ...
He asked the Director of National Intelligence to look into it in October 2019, saying "With over 110 million downloads in the U.S. alone, TikTok is a potential counterintelligence threat we cannot ignore"
https://www.forbes.com/sites/r... [forbes.com]
https://www.cnbc.com/2019/11/1... [cnbc.com]
February he asked the TSA to disallow it
https://www.newsbreak.com/news... [newsbreak.com]
If by chance you're the type who thinks CNBC,
Logic doesn't matter, the law does (Score:2)
The foreign investment act applies to companies that are majority owned (aka controlled) by foreigners.
With the new company being 52% American owned, it isn't covered, at least arguably.
Re: (Score:2)
Interesting you mentioned that. The president actually fixed that when he signed the Foreign Investment Risk Review Modernization Act in August 2018. The scope of covered entities is expanded to consider actual control and also access to sensitive information.
However, that expansion took effect 18 months after the law was signed, so January 2020 - well after Bytedance had purchased Music.ly, so it doesn't apply to that transaction. If Bytedance were in any way getting MORE control with the new deal, FIRRM
Re:I'm confused (Score:5, Informative)
This is called protection money.
"It's a nice business you got there, wouldn't want anything to happen to it, right?"
Re: (Score:1)
Yes, it's about moving control and benefits to US companies - by presidential orders.
Next up are all the gaming companies owned by Tencent.
US has taken giant leaps into becoming a dictatorship in the last few years. I think rest of the world should start acting, because in four years it's too late.
Re: (Score:2)
Except that it doesn't... move control, that is. It moves some of it, but not all of it, and even then, it's only going to take months for it to actually start to be effective.
This deal changes nothing about whether or not the app is actually any kind of present or ongoing threat to national security, which was the original justification for the executive order.
Re: (Score:3)
Yes, it's about moving control and benefits to US companies - by presidential orders.
Next up are all the gaming companies owned by Tencent.
US has taken giant leaps into becoming a dictatorship in the last few years. I think rest of the world should start acting, because in four years it's too late.
As someone from 'rest of the world' as you so kindly call us, this is not really our problem. Trump was democratically elected in your country, and he mostly sticks to US interests. If your people want your country to be lead by an idiot, well, that's up to you. We will respect your decision.
In four years it's too late for what? From an international perspective Trump didn't do all that much damage - especially if you compare him with someone like W Bush. And what do you want us to do? Ban US companies fro
Re:I'm confused (Score:5, Insightful)
Yes, it's about moving control and benefits to US companies - by presidential orders.
Next up are all the gaming companies owned by Tencent.
US has taken giant leaps into becoming a dictatorship in the last few years. I think rest of the world should start acting, because in four years it's too late.
As someone from 'rest of the world' as you so kindly call us, this is not really our problem. Trump was democratically elected in your country, and he mostly sticks to US interests. If your people want your country to be lead by an idiot, well, that's up to you. We will respect your decision.
In four years it's too late for what? From an international perspective Trump didn't do all that much damage - especially if you compare him with someone like W Bush.
As someone from the rest of the world, I have to disagree: Trump did a lot to damage the relationships with the classic American allies, pulled out ot treaties and international organisations, supported (even if only verbally) dictators and outspoken enemies of the US, hurt international trade, gave Iran an excuse to resume building nuclear weapons, ignored the thread of climate change and COVID. He might not have started wars as G.W. did, but he did everything else he could to destabilize the US and, due to the political and economical connections, the rest of the world.
Saying that we are not Americans so we are not affected by what he does is pretty ignorant of how the world works.
Re: (Score:2)
So what do you suggest? Germany do another attempt to conquer the world to set up proper governments? Stop acting like Germans can just dump their will on other countries.
Re: (Score:2)
Interesting train of thought you showed there, buddy.
I did suggest none of that. I'm just suggesting you stop thinking "we're not Americans, so what happens in America doesn't affect us".
Re: (Score:2)
Interesting train of thought you showed there, buddy.
I did suggest none of that. I'm just suggesting you stop thinking "we're not Americans, so what happens in America doesn't affect us".
You get that I was replying to a comment calling the 'rest of the world' for action? I said there isn't much to do and you said you disagree. So what kind of action do you have in mind? The guy is obviously insane, but when you look at the facts there just isn't that much he did we can or should action on.
I never said what happens in America doesn't affect us. However, what treaty with Germany did he break? Paris agreement was a purely symbolic agreement without real requirements. The guy doesn't seem to gi
Re: (Score:2)
Most of those are of course bad things, but I think the first, damaging relationships with allies, is a net benefit to the world.
The US provided some invaluable service to the world after WWII, particularly in securing the seas for trade. But there should be no "leader of the free world," particularly not one that is so twitchy, has such a polarized and unpredictable electorate, and is in the habit of overthrowing democratic and other governments if they become inconvenient. The world is better off with str
Re: (Score:2)
Re: (Score:2)
To me it looks like it's about Trump being butthurt a bunch of kids used tiktok to mess up one of his rallies and now to save face with his supporters, he has to lash out somehow. So he'll have his buddy larry buy tiktok away from the chinese and make sure no one uses tiktok to mess with him again, and of course make a bunch of money in the process. I would like to see evidence that it was actually a coordinated
Re: (Score:2)
Re: (Score:2)
Exactly.
The reason for the executive order was based on the fact that Tiktok collects data on its users and sends it to China, which was deemed a national security threat. This deal does not change where the app sends its data, and does not remotely affect the reason that the executive order was supposedly made in the first place.
Re: I'm confused (Score:2)
No, this is a big change in terms of governance. Right now TikTok and Bytedance is one company, there is no internal firewall separating the two operations. The technical and ops teams in China support TikTok globally, even if the data resides locally outside China.
Re: (Score:2)
Re: I'm confused (Score:2)
Yes, a very large part of the Bytedance organisation will have to replicated in TikTok, that's the reason for those job numbers. The codebase is also a contentious issue. They would be looking to control their core code, otherwise would run into a lot of issues during their IPO. They can't license code from Bytedance perpetually.
Re: (Score:2)
The summary says Oracle is going to take care of it.
Re: (Score:2)
It is about the alleged president getting money for his cash strapped re-election campaign from Uncle Larry. It turns out he managed his re-election campaign about as well as he managed his "companies".
Re: (Score:1)
You need to update your schtick. Most comments I read without necessarily looking at the byline. But now, the instant I see 'alleged' I stop and skip reading the comment. I know I'm probably not alone in doing this.
Try to conceal your abject hatred and contempt a little better if you want your comments here to be more subversive and convincing.
Re: (Score:1)
Sounds like exactly what people accuse China of doing. Force partial ownership and transfer of technology to China.
Maybe that will be the retaliation, force partial sale of Apple to Huawei. That would be hilarious.
Re: (Score:2)
It has never been for the security/privacy of users. In fact, as a US resident, your personal data are probably more secure on Chinese servers simply because the two countries are unlikely to collaborate in order to track you.
The stated reason is that it is for the security of the state. For example, use by US soldiers can leak information on the US military (that was a given example).
In reality I think you are right. It may also be retaliation for China banning US apps.
Re: (Score:2)
It could very well be for security of the state. ByteDance probably didn't play nice when the NSA asked it for access. Much easier to get Oracle to agree.
Re: (Score:2)
Trump got nothing as usual (Score:1)
Master business man makes a lot of noise and the adults do a bit of a financial tap dance. Oracle will secure US national security interests by hosting the TikTok data is a punchline worthy of and administration that has accomplished nothing but punchlines. And tax cuts, judges and two hundred thousand Americans dead.
Mafia style (Score:5, Informative)
Trump said Saturday he's given his 'blessing'
This sounds like something from the Godfather not from a President of the United State of America.
Trump being transactional in nature there is surely slush money trading hands so he can get his cut for "making the deal happen".
Re:Mafia style (Score:4, Informative)
WASHINGTON (AP) — President Donald Trump has admitted there is no legal path to letting the U.S. Treasury take a cut of any deal between a U.S. entity and the video-sharing app TikTok, a unit of China's ByteDance — a proposition experts had criticized as unprecedented and possibly illegal.
... there's no legal path to doing that. ... How foolish can [the United States] be?"
Trump said he was stunned to learn that the Treasury could not receive any payment in exchange for the U.S. signing off on the deal.
"Amazingly, I find that you're not allowed to do that," Trump said. "If they're willing to make big payments to the government they're not allowed because
Re: (Score:2)
The latest reports are that Trump was shocked that the US, and he, were not able to get a cut of the acquisition price.
Re: (Score:2)
This sounds like something from the Godfather not from a President of the United State of America.
Well considering Trump is only going after TikTok due to the campaign to buy tickets at his Tulsa rally without going, this sounds more like something from a 5 year old having a temper tantrum. "Godfather" is too good of a description.
Re: (Score:1)
Re: (Score:1)
Listening to Trump talk [youtube.com] when he isn't aware he's being recorded, he does seem to be attempting to project the persona of a would-be wiseguy.
The real problem is not Trump or China (Score:2)
It's the power locked ecosystems like smartphones with their p(l)aystores have, where people are supposed to get a bargain for the lock-in like being "safe" from (for example) malware.
However this locked-in ecosystem would be impossible on a more open platform like the PC .. which however is more and more locked down (Win10-s ..).
But what I really want to point out is that the Tik-Tok story in the US is the same like Apple/Google in China - censorship methods from China start to infect the United States of
Re: The real problem is not Trump or China (Score:2)
Apple and Google in China?
Google chose to not comply with local laws and tools its toys home.
I'm not sure what you are recerr8to about Apple, but if the Chinese government respond by banning Wechat in Apple's Chinese app store, then Apple can say goodbye to all its profits in China. I wouldn't be surprised if that would happen anyway, albeit more slowly.
Re: (Score:1)
open platform like the PC .. which however is more and more locked down (Win10-s ..).
Windows 10s computers are somewhat locked down, but actually you can just pay Microsoft for a license upgrade to Home or Pro and the lockdown disappears. 10s is Microsoft being pennypinching.
If only the fruit flavored phones and tablets allowed an easy jailbreak like that. Though it would be a disaster because EVERY customer of that brand seeks to spend more money, so the entire locked ecosystem would evaporate.
Re: (Score:2)
You can install any app you want on an iPhone or iPad. Trick is, you have to compile it yourself. Apple is just supporting open source.
USA National Security requirements? (Score:2)
Why is it that a country with the biggest military's in the world feels so incredibly threatened by a video snipit sharing app used by kids. If your 14 year old and his phone is such a threat to national security you've got a big problem on your hands Mr President.
Re: (Score:2)
Why is it that a country with the biggest military's in the world feels so incredibly threatened by a video snipit sharing app used by kids. If your 14 year old and his phone is such a threat to national security you've got a big problem on your hands Mr President.
Uh, the world has a problem with an overall lack of application and smartphone security. You know this, so let's stop pretending this is an American problem, or has fuck all to do with 14-year old kids sharing dancing videos.
And the only reason a country with the "biggest military's" is concerned about such a thing, is because they already know what intelligence can be gathered from such applications. You might have heard of this kinda-popular app called "Facebook"...
Re: (Score:2)
Uh, the world has a problem with an overall lack of application and smartphone security.
No they don't. Or they'd focus on malware and known bad actors rather than "OMG CHINA!"
You know this, so let's stop pretending this is an American problem
It is an American problem. Your administration thinks "security" is just to block competition from China while syphoning data for yourself and putting zero effort into actually stopping far more dangerous problems like malware or a general lack of secure and privacy focused systems. If you actually cared you'd legislate in a way that forces Google / Apple to tighten up the security measures in their OS. But no... just ang
Re: (Score:2)
Uh, the world has a problem with an overall lack of application and smartphone security.
No they don't. Or they'd focus on malware and known bad actors rather than "OMG CHINA!"
Right. Because China has never given them a reason to suspect them. Of anything. Ever. No bad actors there. Nope.
Speaking of trust, perhaps you should ask their own citize...oh nevermind. They couldn't speak out if they fucking wanted to.
You know this, so let's stop pretending this is an American problem
It is an American problem. Your administration thinks "security" is just to block competition from China while syphoning data for yourself and putting zero effort into actually stopping far more dangerous problems like malware or a general lack of secure and privacy focused systems. If you actually cared you'd legislate in a way that forces Google / Apple to tighten up the security measures in their OS. But no... just angry shout at China like an old man shouts at clouds.
Ah yes. Hacking, ransomware, and all electronic online victims...ALL that only exists in the US. Nowhere else on earth is that a problem. All other electronic devices are perfectly secure. No government taps or ownership at all. Fucking hell, talk about shouting
Re: (Score:2)
Re: (Score:2)
It doesn't only happen in China. If you look at all the whistle blowers in the Trump administration, tell me, how has it worked out for them? Lets see, fired, lost pensions, berated, ... Heck just contradicting the prez usually results in getting fired. So lets clean our own house before we get to uppity. Glass houses and all.
"Drain the Swamp"
Remember that shit? Yeah, it was the current President who said it. It was the current President who WON off it.
And now, you see just how much "power" the POTUS really has, to effect that change in a massively corrupt country.
Corruption has won. Now and forever. It doesn't matter who you "vote" for. Realize THAT truth. THEN start bitching.
Re: (Score:2)
Right. Because China has never given them a reason to suspect them.
And that is relevant to prioritisation of risk why? Do me a favour, re-read my post and quote the entire thing in one block and then write a counter point in one block.
Addressing individual sentences in isolation makes you look quite silly since you were so busy arguing that you fundamentally didn't get the point.
Re: (Score:2)
Right. Because China has never given them a reason to suspect them.
And that is relevant to prioritisation of risk why? Do me a favour, re-read my post and quote the entire thing in one block and then write a counter point in one block.
Addressing individual sentences in isolation makes you look quite silly since you were so busy arguing that you fundamentally didn't get the point.
Yes, and sitting here assuming that China is innocent no matter what administration is in charge is simply stupid and ignorant, based in history alone. You're stupid enough to assume that this conversation is merely about politics. FAR from it. Ignore history all you want. The only thing you're proving, is human's ability to repeat the worst of it.
And yes, we're THAT stupid and ignorant as a species that we'll fucking do it. Again. Congrats. You've proven that you're no smarter than the millions of huma
Re: (Score:2)
Dude, the NSA rolled the US telecoms and most of the important tech companies. They can't apply that sort of pressure to Chinese companies though, so mass migration from Facebook to something like TikTok would be a legitimate US intelligence gathering nightmare.
Re: (Score:2)
Actual shithole country. (Score:1)
What's the bet after the election, if trumps stacked scotus doesn't steal it for him, this all goes away?
Thank goodness (Score:2)
Let's see (Score:2)
The government would have to agree to a takeover. Though doing it through a financing round might be a loophole to get around this, I don't know.
Re: Let's see (Score:2)
I'm sure they do have to approve it. I've not seen any mention of them doing so, yet.
It would be a nice "up yours" to Trump, but I suspect they have more rational goals.
We will see.
Re: (Score:2)
20% is not a takeover. It is a non-controlling stake. Nothing more than an investment. If they are lucky, one of them might get a seat on the board.
Logged In Only? (Score:1)
Has there been a recent change to require a logged in account for Tik Tok? Because the app is on my phone and I've never signed in and can just scroll through the video junk. Yesterday I installed the app on my android tablet and it won't budge past a login/create-account screen. Is this a recent change?
I've noticed there is significantly more lewd content in the vids now than I remember a few months ago.
It might be a mistake ... (Score:2)
BIg To Do is Smoke Screen (Score:2)
The real reason that the US wants does not want a Chinese company to own this TikTok thing (whatever that is) and have an American company own it is because when a Chinese company owns it, the US spy apparatus is effectively blocked out. Having a US company involved that it appropriately responsive to "wink-wink-nudge-nudge" unlawful spying by the US Government is the aim of the game.
Bill "Back Door" Barr does not like not having immediate access to the private information of American citizens (and others)
Landscape orientation only, please (Score:2)
I'll approve of this when the app only permits videos in landscape orientation.
Re: (Score:3, Insightful)
That's one theory.
Which leads to the obvious question - why, in your theory, did Chuck Schumer *ask* the administration to take this enforcement action a year before the event you mentioned?
In my experience, causes typically occur *before* effects.
I've never seen an event A cause something else B to happen where B happens a year before A happened.
Perhaps Trump has a secret time machine, which he used to travel back in time, then convince ByteDance to violate the terms of acquisition, and convince Senator Sc
Re: (Score:1)
A lot could have happened behind the scenes (i.e., with intelligence agencies, etc) that we do not know about.
It is entirely possible that the Trump rally was the last straw that broke the camel's back. That's different from saying "that's the only reason Trump is doing this".
Re: (Score:3)
One can come up with different theories of dark state stuff, I suppose. The facts we know include:
To comply with CFIUS concerns, the terms of the original acquisition were that ByteDance would leave Music.ly as it's own app, separate from the Chinese app, TikTok.
The Chinese government passed the national intelligence law which requires Chinese companies to comply with the governmentâ(TM)s intelligence gathering operations
ByteDance did merge Music.ly with TikTok in violation of the terms of the acquisi
Re: (Score:1)
I'm not sure if I'm reading you right (Score:3)
You're asking why the CFIUS action is coming to a close now? Because now it'll majority controlled by Americans, so it's no longer a covered entity.
Here's the basic timeline:
ByteDance acquires Music.ly, a registered entity in the US. To comply with foreign investment act concerns, the terms of the acquisition are that Music.ly will be operated separately from the Chinese app, TikTok.
Chinese government passes the national intelligence law which requires Chinese companies to comply with the governmentâ(
Re: (Score:2)
If you question ia "why all the sudden now did Trump", your question is based on two misunderstandings.
First, while the government had their eye on this since the sale of Music.ly was first negotiated, it was early 2019 that Chuck Schumer and other Dems demanded an investigation and action, after Bytedance violated the terms. So nothing "all the sudden now" about the process. This has been going on for a while.
Secondly, Trump isn't the one who initiated it, that would be primarily Chuck Schumer. He's the
Re: (Score:2)
Btw the way, when you say "Have nick 1852 agree with them if you like. That always adds to your credibility", are you suggesting you *disagree*?
Are you suggesting that it wasn't really Chuck who sent the demand, that it was a fake a Schumer, a look-a-like holding those press conferences?