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In a very important change, President Donald Trump made a statement that the running of the TikTok Company would be handed over to four different groups. The sale of this well-known part of China’s social media to such a major figure is going to make quite a turn in Trump’s administration.
The government’s decision to separate TikTok from its U.S. operations arose from the legislation put into place on January 19, stipulating that the parent company of ByteDance should sell the platform or else it will face the consequences of a national security-related suspension. By the time the new administration took over and the first executive order regarding it was issued on January 20, ByteDance was given a 75-day extension to sell the platform or go under attack.
While he was on a flight in Air Force One, President Trump put it so far as, “I am engaged with four different groups, both of which are quite serious about the subject.” He gave a hint that the agreement could be simply around the corner, and there are no details with respect to the interested parties.
One of the potential bidders is Frank McCourt, who was once the owner of the Los Angeles Dodgers, and has shown some interest in buying TikTok. Analysts probably think that TikTok’s value could theoretically go up to $50 billion, which indicates the site’s high dominance in the market and its many user numbers.
Moreover, Reddit co-founder Alexis Ohanian has joined McCourt’s bid as a strategic advisor, which adds to the interest. Ohanian’s participation further confirms the roadmap to convert TikTok’s structure; it might be facilitated by blockchain technology that enables users and creators to have greater empowerment and privacy.
The bigger picture of this scenario is revealed with high tension in the field of data security, as Chinese governmental infiltration of the user data is the predominant concern during the ongoing negotiations. Politicians’ fear has been a reason where from the start there has been bi-partisan support for measures ensuring that the data of the American users is protected, and now, as a culmination, the push for ByteDance to divest its U.S. operations emerged.
The April 5 deadline is just around the corner, but President Trump has expressed that, if need be, he would be willing to prolong this time in order to allow for a secure and all-encompassing transfer. He underlined the necessity of finding an agreement that would protect national security and allowing TikTok to continue its operations under new ownership.
The result of these talks has a strong impact on not just the future of TikTok in the U.S., but the wider positioning of data privacy, foreign ownership of digital platforms, and the measures governments may take to protect national security in the digital age are also at stake.
While the discussions are going on, both the stakeholders and the users are looking forward to a mutually agreed-upon decision between creative thinking, user engagement, and very effective security measures being put in place, which will be a guarantee of its safety and trustworthiness.