& # 39; Bloomberg & # 39; reports that the president plans to commission China's ByteDance to sell TikTok in the United States.
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President Donald Trump plans to mandate the United States Foreign Investment Council (CFIUS) to help China's ByteDance Ltd. to force him to sell his property in TikTok, reports Bloomberg. The announcement could be made on Friday and follows a CFIUS security review by TikTok and its parent company last fall.
ByteDance bought Musical.ly Inc., a lip sync app, for $ 1 billion in 2017 and merged it with TikTok to create the social media phenomenon that it has become in the U.S. However, select politicians and some members of the public have found problems with the company's privacy practices and ByteDance's alleged relationship with the Chinese Communist Party.
According to Bloomberg, “TikTok was looking for ways to distance itself from its Chinese property to assure the public that no data is stored on servers in China and the app works independently. ByteDance even hired a former Walt Disney Co CEO, Kevin Mayer, to lead its operations in America. "
This process has recently set a precedent – in early 2020, Beijing Kunlun Tech sold the LGBTQ dating app Grindr for more than $ 600 million after CFIUS raised national security concerns in 2019.