TikTok is a very popular application in India and America. Tiktok was recently banned in India due to national security concerns. After that, Tiktok wanted to return to India but could not return due to various reasons. A few days ago, there was a demand to ban the app in America as well. The Trump administration has said that TikTok will be banned in the United States if it does not sell its business to any American company by September 20. After that, several big American companies, including Microsoft, wanted to set up their business with Tiktok, but in the end it didn't happen. However, according to a recent report, the United States may be banned. It is learned that the TikTok company, ByteDance is looking to establish their business with the American company Oracle.
According to a Reuters report, ByteDance is partnering with American company Oracle to keep the business afloat in the US. The Beijing-based company wants to hand over responsibility for data security management to Oracle. However, TiktOk's company wants to keep most of its business under its control. They have offered twenty thousand jobs for Americans.
ByteDance has submitted this proposal to the Committee on Foreign Investment in the United States (CFIUS), the organization that regulates foreign trade in the United States. They will decide how Tiktok works in America. According to sources, CFIUS Chairman Mnuchin and Commerce Secretary Wilbur Ross met at the White House on Tuesday to discuss ByteDance's proposal.
US President Trump has said he has not yet commented on the matter. He will make the decision after considering everything. So far, no one from the White House, ByteDance or Oracle has wanted to open his mouth about what has been decided.
The Trump administration could not accept the demands of a large part of ByteDance. So he has not opened his mouth yet. As well, most of the business will be owned by Chinese companies, which Trump does not want.
Trump said last month that ByteDance would have to pay a large portion of the proceeds from the sale of Tiktok's shares to the U.S. government because they were making the transaction possible. ByteDance did not mention any such transaction in their proposal.
After losing such a large market in India, the big question now is whether Tiktok will want to lose a big market like America?
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