Mr Mnuchin and Mr Ross, both of whom play a leading role in reviewing ByteDances’ proposal, came out in favor of a solution that would reduce national security and data risks by moving some of the TikToks’ key operations outside of China, rather than killing the company. outright, these people said. There are few strong voices in the administration speaking out against such a deal, with trade adviser Peter Navarro, a Chinese hawk and one of TikTok’s most vocal critics, playing a minimal role in recent discussions.
ByteDances ‘carefully crafted proposal and changing views from Mr. Trumps’ advisors indicate how more willing they are to compromise to alleviate an increasingly difficult situation on a video app beloved by American teens and influencers. . On Sunday, ByteDance rejected a Microsoft deal, in which Microsoft had offered to essentially take control of the TikToks algorithm.
That way, DC is happy, Beijing is happy that no algorithms are being sold, and ByteDance and TikTok, along with Oracle, all have smiles on their faces, said Daniel Ives, technology analyst at Wedbush Securities. It’s a very tight balancing act for ByteDance as they try, with the needle of a needle, to keep their company as independent.
In its statement on Monday, TikTok said the proposal submitted to the Treasury Department would allow us to continue supporting our community of 100 million people in the United States who love TikTok for connection and entertainment. Oracle confirmed that it was part of the proposal submitted by ByteDance to the Treasury Department, but declined to give further details.
Mr Mnuchin described on CNBC on Monday how Oracle would be a trusted technology partner for TikTok and said the software company had made numerous representations over national security concerns. The White House declined to comment and the Commerce Department did not immediately respond to a request for comment.
Other parties may still be interested in participating in an agreement. Walmart, which was working on a TikTok deal with Microsoft, said in a statement Sunday that it continued to be interested in an investment in TikTok and was continuing discussions with ByteDance management and other interested parties.
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