WASHINGTON: Hours before a deadline that would require TikTok to be divested or shut down, the incoming White House administration is offering a lifeline to the widely used video-sharing app – in contrast to last-minute criticism from the outgoing Biden administration.
App reprieve: This illustration photo shows the TikTok app on a smartphone screen in front of a photo of US President-elect Donald Trump . TikTok disconnected access to its users in the United States late last Saturday. — AFP
White House press secretary Karine Jean-Pierre, who last Friday said that the timing of the Supreme Court ruling dictates that they leave this decision to their successor, called TikTok’s threat to shut itself off “a stunt” in a statement last Saturday. The platform was among the topics Trump and Chinese President Xi Jinping discussed during a pre-inauguration conversation last Friday, Trump officials said.
The structure would allow most of ByteDance‘s existing investors to retain their stakes, according to CNBC, citing a person familiar. Funders typically back startups like Perplexity with an eye to an exit, such as a sale or an initial public offering-rather than the kind of complex financial maneuvers that a merger with TikTok would entail.
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