TikTok has finally agreed to a US sale

[Daniel Sims]

Recap: The five-year saga that threatened to block US users from one of the country's most popular social media apps appears to be coming to a close. After the US and Chinese governments approved details of an agreement for China-based ByteDance to divest TikTok to US entities, the social media company has accepted the terms.

In a memo obtained by media outlets, TikTok CEO Shou Zi Chew informed employees that the company has signed a deal to be acquired by a group of American investors. The agreement is scheduled to close on January 22.

Chew confirmed that TikTok has agreed to terms negotiated earlier this year, following a multiyear ordeal during which the US attempted to ban the app. Politicians feared that TikTok, which is popular with young Americans, sends user data to its Chinese owner, ByteDance.

President Donald Trump signed an executive order in 2020, during his first administration, forcing ByteDance to sell TikTok to a US owner. Last year, then-President Joe Biden signed a law giving the app until January 20 to find a buyer. However, soon after beginning his second term, Trump extended the deadline three times, signaling a reversal of his position on the social media platform.

In September and October, the US and China approved a deal under which ByteDance will reduce its TikTok stake to 20%. Between 40 and 50% will go to a coalition led by Oracle, private equity firm Silver Lake, and Emirati investment company MGX. ByteDance investors, including Susquehanna International Group, General Atlantic, and KKR, will retain 30%.

Other investors include Dell founder Michael Dell and Fox's Rupert Murdoch. President Trump approved the agreement through a September executive order that included a fourth and final 120-day extension to January 20.

Chew's memo explained that the top three investors will be responsible for TikTok's data, including content moderation and its highly valued algorithm. How the new owners will manage the software differently from ByteDance remains unclear.

Oracle will also audit and validate TikTok's compliance with the agreement, as its servers will store the app's US user data. In addition, the US investors will oversee global interoperability, e-commerce, advertising, and marketing.

Around 43% of US adults under 30 recently told the Pew Research Center that they regularly receive news from TikTok – more than from any other social media platform.

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TikTok has finally agreed to a US sale

 

[TooQik]

US investors will oversee global interoperability, e-commerce, advertising, and marketing.

This here is what this whole TikTok saga has been about. It's nothing to do with data security.

 

[RudyBob]

This here is what this whole TikTok saga has been about. It's nothing to do with data security.

It does have to do with security. There is no way China is doing anything positive for the USA via Tik Tok. China cheats, steals, lies, manipulates, etc. Let them do that to their citizens not Americans. I did not write that the USA is altruistic but they won't be doing the evil that China does.

 

[Megalomaniac]

This here is what this whole TikTok saga has been about. It's nothing to do with data security.

It's even deeper than that.
"A certain group" wants to make Tik Tok accountable to US laws and regulations so they can control the information allowed to spread on it. "Certain information" radicalized "certain people" against this "specific group" and they want to ensure that doesn't happen anymore.

Meanwhile: China completely banned Only Fans and any other lasciviousness America has to offer - even forcing us to edit films to the CCP liking.

 

[NumberNine]

Told ya, they farm waaaaay too much user information from their basic brained users to get banned from America. America wants the mechanism. They don't the fruit, they want the tree.

 

[SRB]

I think you're giving the politicians too much credit. The only reason they had to pull this stunt rather than shut it down is that neither Trump nor Biden wanted to take the heat for shutting it down by the vocal loons that live on the site.

 

[TooQik]

It does have to do with security. There is no way China is doing anything positive for the USA via Tik Tok. China cheats, steals, lies, manipulates, etc. Let them do that to their citizens not Americans. I did not write that the USA is altruistic but they won't be doing the evil that China does.

What can the CCP do to "cheat, steal, lie, manipulate, etc" American citizens via TikTok exactly? If it's personal data that can be used by scammers or hackers that you're concerned about, then every platform that's internet facing has the same attack footprint, regardless of which country owns/runs it.

With TikTok under Chinese ownership the US does not have access to control or capitalise on American data. With this change it will.

 

[Str8Shot]

The epitome of the governments’ insatiable desire to mine and own all of our data, under the guise of “safety” and “security” because apparently, focus group research showed these are the topics Americans are most concerned about, so here’s Big Brother batting for you /s.

 

[Axiarus]

I was wondering about this lately. Now it gives me an exact date to delete my account before.

 

[FaTaL]

Around 43% of US adults under 30 recently told the Pew Research Center that they regularly receive news from TikTok – more than from any other social media platform.

and this is why next generation are complete fcking idots

 

[VaginaWhisperer]

I hate tiktok so much, it is a blight on the modern world, with these challenges that wreck havok on idk everything, through teen angst or w/e, its just disgusting the social media platform needs to die quick!, im not even a homeowner either

 

[Melkor Unlimited]

China cheats, steals, lies, manipulates, etc. Let them do that to their citizens not Americans.

US cheats, steals, lies, manipulates, etc.
We can not allow to do that for any other country.
Especially not when US can not do that to their citizens.
</Sarcasm = Off>

 

[Jme Kerul]

There is no way USA is doing anything positive for the the world via Tik Tok. USA cheats, steals, lies, manipulates, etc. Let them do that to their citizens not the world. I did not write that the the world is altruistic but they won't be doing the evil that USA does.

FTFY

 

[lonetac]

It's even deeper than that.
"A certain group" wants to make Tik Tok accountable to US laws and regulations so they can control the information allowed to spread on it. "Certain information" radicalized "certain people" against this "specific group" and they want to ensure that doesn't happen anymore.

Meanwhile: China completely banned Only Fans and any other lasciviousness America has to offer - even forcing us to edit films to the CCP liking.

Completely false. Its always been about money.

If we cared about our data being stolen or tracked by the Chinese government, the government would be forcing META to sell after it sold all our data to China. Stop buying into the hysteria.

Its never been about security.

 

[Megalomaniac]

Completely false. Its always been about money.

If we cared about our data being stolen or tracked by the Chinese government, the government would be forcing META to sell after it sold all our data to China. Stop buying into the hysteria.

Its never been about security.

You don't have enough information to say "completely false".

 

[lonetac]

You don't have enough information to say "completely false".

trust me bro isnt proof or anything other than completely false unless substantiated with credible supporting arguments of which I provided and you did not.

Toodles.

 

[maxxcool7421]

It does have to do with security. There is no way China is doing anything positive for the USA via Tik Tok. China cheats, steals, lies, manipulates, etc. Let them do that to their citizens not Americans. I did not write that the USA is altruistic but they won't be doing the evil that China does.

Like republicans will be any better than china with the data..

 

[RudyBob]

Like republicans will be any better than china with the data..

Yes. Republicans can be empirically shown to be more honest than the Chinese.