Sell or Ban, ByteDance at Risk of Losing TikTok
Hold onto your seats folks, because the wildly popular Chinese social media giant, TikTok, may be breaking free from its parent company, ByteDance. This news comes as a response to growing concerns from the United States about potential national security risks.
According to sources familiar with the matter, TikTok is exploring the possibilities of separating from ByteDance. This could lead to either a sale or an initial public offering. However, this option is considered a last resort. The company will only pursue this if its existing proposal with US national security officials fails to gain approval.
TikTok remains steadfast in their commitment to addressing concerns about national security by keeping US user data and systems transparent and based in the United States. They have even proposed the implementation of robust third-party monitoring, vetting, and verification to further increase their security measures.
Ban on TikTok Does not Necessarily Address the Main Issue
While some have called for a ban or separation of TikTok, the company believes that neither option addresses the larger industry issues of data access and transfer. So, stay tuned, because the future of TikTok is definitely one to watch.
Gizchina News of the week
In the thrilling world of social media, the short-form video app TikTok has been under scrutiny by the Committee on Foreign Investment in the United States (CFIUS) for national security concerns. But TikTok seems to have a plan up its sleeve, codenamed “Project Texas.”
As part of this bold initiative, TikTok has agreed to bring in the tech giants at Oracle Corp. to host all U.S. user data. Oracle will also take a closer look at their software. In a move to prove their commitment to national security, TikTok has appointed a three-person government-approved oversight board to keep watch over their every move.
In a concerning turn of events, the process for national security review by the Committee on Foreign Investment in the United States (CFIUS) has come to a halt. This has left TikTok in a state of uncertainty regarding their future in the country. TikTok has put in their best efforts to address the concerns. However, the Justice Department members of CFIUS appear unwilling to accept their proposal, as reported by Bloomberg.
The fate of TikTok remains uncertain as the review process continues. This has left many to wonder what the future holds for this wildly popular social media platform. It’s an anxious moment for the company and its users, as they await the decision. Any decision they make could have major implications on their ability to continue operating in the United States. Let’s hope that a resolution can be reached soon, so we can all breathe a collective sigh of relief.
TikTok has Come Under Pressure in Recent Months
The Chinese Social media app has come under close examination from lawmakers recently. The main concern is that ByteDance may be forced to share user data with the Chinese government. Also, they claim China could use the app as an influence tool. For these reasons, American lawmakers have come together to propose that either the US government bans TikTok in the United States or ByteDance sells it.
Lawmakers have even asked the CEO of TikTok Shou Chew to testify before the house of committee about the data privacy of the app. They also demand to know the app’s security practices and their relationship with the CCP.
In a recent voting, the Republicans on the House Foreign Affairs Committee passed a new law. This new law gives Biden the power to ban all apps that pose security threats to the US. This also includes TikTok. The voting went 24-16 in favor of the new law. The little uncertainty here is when the new law will reach the house floor for final voting.