Donald Trump, the President of the United States, has announced plans for TikTok to have at least 50% of its ownership held by U.S. investors, Investors King reports.
TikTok, a short-form video app owned by the Chinese company ByteDance and created in 2016, is globally known for its diverse content in entertainment, education, and other areas.
Addressing his supporters during a rally in Washington on the eve of his inauguration, Trump said TikTok’s value in the U.S. hinges on government approval.
According to him, “Let the United States of America own 50 percent of TikTok.
“TikTok is worth nothing—zero—without approval. If you do approve, they’re worth like a trillion dollars, they’re worth some crazy number.
“I’m approving on behalf of the United States, so they’ll have a partner—the United States—and they’ll have a lot of bidders. The United States will do what we call a joint venture,” he stated.
It is worth recalling that President Joe Biden signed a bipartisan bill requiring ByteDance, TikTok’s Chinese parent company, to divest its controlling stake in the app within six months or face a ban in the United States.
Meanwhile, on the eve of the inauguration, TikTok blocked access for U.S.-based users for approximately 12 hours. The incident was linked to a new U.S. law mandating that TikTok either be sold by ByteDance or face a ban in the country.
However, service restoration began shortly after Trump assured TikTok’s service providers of an enabling environment without sanctions.
Reacting to the development in a post on X, TikTok management said “In agreement with our service providers, TikTok is in the process of restoring service.
“We thank President Trump for providing the necessary clarity and assurance to our service providers that they will face no penalties for providing TikTok to over 170 million Americans and allowing over 7 million small businesses to thrive.
“It’s a strong stand for the First Amendment and against arbitrary censorship. We will work with President Trump on a long-term solution that keeps TikTok in the United States,” the company added.
Trump has also hinted at issuing an executive order on Monday, the day of his inauguration, to extend the timeline before the law’s prohibitions take effect.
“I will issue an executive order on Monday to extend the period of time before the law’s prohibitions take effect so that we can make a deal to protect our national security. The order will also confirm that there will be no liability for any company that helped keep TikTok from going dark before my order,” Trump said.
