Trump nears crucial decision on TikTok's future in U.S.
On Wednesday, U.S. President Donald Trump will consider the final proposal regarding TikTok. By law, ByteDance has until April 5 to find a buyer outside of China; otherwise, the company will face a ban on operations in the U.S.
As reported by Reuters, a meeting will take place in the Oval Office involving U.S. Vice President J.D. Vance, Secretary of Commerce Howard Lutnick, National Security Advisor Mike Waltz, and Director of National Intelligence Tulsi Gabbard.
The most likely scenario involves increasing the shares of ByteDance's largest investors outside of China and acquiring TikTok's U.S. operations.
On Sunday, Trump announced that the deal with ByteDance regarding the sale of the short video app, used by 170 million Americans, will be completed before the April 5 deadline.
ByteDance has only three more days to find a buyer outside of China; otherwise, it will be forced to cease operations in the U.S.
TikTok is under special scrutiny due to national security concerns. Washington fears that ByteDance, which is dependent on the Chinese government, may use the app to collect data on U.S. users and conduct activities influencing public opinion, reports Bloomberg.
According to the plan, ByteDance was supposed to sell its U.S. operations by January 19, but Trump delayed the enforcement of the law, granting more time for negotiations. The White House is also involved in the talks, effectively acting as an investment bank, working with investors.
