donald trump tiktok

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Trump administration officials are pushing for potential US buyers to own a majority share of TikTok as part of a sale the president has pushed for, The Wall Street Journal reported Wednesday.

The Journal reported Tuesday that ByteDance, TikTok’s Chinese-based parent company, had sought to keep its controlling share of the social media app in a deal it pitched to US officials this week.

But that proposal didn’t satisfy the administration, according to Wednesday’s report, which said that US Treasury Secretary Steve Mnuchin and other officials are angling for American investors to own well north of 50% of the new company, throwing new roadblocks into the discussions.

Trump also indicated Wednesday that he wouldn’t support the deal as it has currently been reported.

“Just conceptually, I can tell you I don’t like that… if that’s the case, I’m not going to be happy with it,” Trump told reporters during a press conference Wednesday, though he said he hadn’t yet been briefed on the proposal.

“They’re giving me studies on the deal, it has to be 100% as far as national security is concerned, and no I’m not prepared to sign off on anything, I have to see the deal,” Trump said, adding he’s scheduled to receive a briefing on Thursday.

TikTok and the US Treasury Department did not immediately respond to requests for comment.

US investors currently own roughly 40% of ByteDance, while its founder Zhang Yiming owns nearly 25%, ByteDance employees own around 20%, and other non-US investors own the remaining 20% or so, according to The Journal.

Trump administration officials are pushing for American investors, with the addition of Oracle and Walmart, to own at least a majority of the new company and potentially significantly more than 50%, which they said could be accomplished by taking it public, The Journal reported.

Multiple reports …read more

Source:: Business Insider


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