TikTok isn't selling US operations after all: Report - Business Insider

Not clear how Trump will reactPresident Trump last month signed two executive orders targeting ByteDance. The first ordered all US citizens and companies to cease any "transactions" with the firm by September 20. The second ordered ByteDance to sell TikTok's US operations by November 12. If TikTok is going to propose a new structure, whereby it partners with Oracle instead of selling, Trump will have to walk back the second executive order.

The executive orders claim that because TikTok's parent company is Chinese, the app's user data could be passed to the Chinese government. TikTok maintains that it doesn't hand over user data to Beijing, and isPreviously, Trump gave TikTok a deadline of September 15 to sell off its operations to a US company, and. It is not clear how he will react to the news that it's trying to avoid a sale.

ByteDance will also have to convince the Committee on Foreign Investment in the United States to wave through its partnership with Oracle. Sources told Reuters it plans to use a case from two years ago as precedent, where a Chinese company called China Oceanwide Holdings Group Co Ltd successfully bought US insurance company Genworth Financial Inc. In that deal, China Oceanwide Holdings agreed to engage a US-based third-party company to manage its customer data.

ClwtrBkAtty Shut it down!!!

This is a flex by the Chinese. US is about a 1/3 of Tik Toks users.

It’ll sell.

It’s unlikely he’ll allow the partnership. China is too untrustworthy which is disappointing.

MY STOCK PORTFOLIO NOOOOOO

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