India recently called for a digital airstrike as it announced a ban on TikTok, however, the United States is also looking to go in the same direction as Microsoft tries to buy the product. Bytedance is already facing billions in losses after the recent ban of TikTok from India. But the company is going to face a much bigger problem if the new announcement from Trump means anything.
Previously the United States thought about banning this, but recently in a press conference, Donald Trump announced that he will ban the app from the country which does not come as a big surprise because anti china sentiment is currently high all around the world.
Donald Trump finally announces ban on TikTok in the US as Microsoft plans to buy
Earlier on Friday, people working on the issue within the Trump administration expected the President to sign an order to force ByteDance, the Chinese company that owns the social media platform, to sell the US operations of TikTok. The new move is aimed at resolving policymakers’ concerns that the foreign-owned TikTok may be a national security risk.
Trump’s announcement followed frantic negotiations on Friday between the White House, ByteDance, and the potential buyers of TikTok, including Microsoft Corp. They failed to produce a deal that would result in the Chinese company shedding the app’s U.S. operations, according to people familiar with the matter.
ABOARD AIR FORCE ONE (AP) — Trump says he’ll act as soon as Saturday to ban Chinese-owned video app TikTok from US on security fears.
— Jonathan Lemire (@JonLemire) August 1, 2020
ByteDance’s valuation expectations for the application are of more than $50 billion and its insistence on retaining a minority stake in the app is further complicating deal talks. Recently the U.S. Senate Committee on Homeland Security and Governmental Affairs unanimously passed a bill that would bar U.S. federal employees from using TikTok on government-issued devices.