The negotiations forcing the White House to sell its popular video app TikTok’s U.S. business could be hampered by the export restrictions of the Chinese government. As per the new rules, above all, ‘personalized IT technology based on data analysis’ can be sold overseas only if it is approved by the government. Tiktok belongs to the Chinese company Bytedance.
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Microsoft to continue talks to buy TikTok
The Chinese Ministry of Commerce announced new rules on Friday. On Saturday, the official Chinese news agency posted an interview with a university professor who pointed out that TikTok’s technology belongs to this description. For international businesses to continue to work, Bytedance’s algorithms and software must be transferred to the new owners. The product list that is affected by export prohibitions has grown to 23 products.
United States President, Donald Trump explains TikTok being a security risk considering that Chinese authorities can easily gain access to U.S. data by using these apps. At the beginning of August, he prohibited American businesses and organizations as well as citizens from engaging with Tiktok. The restriction is anticipated to be effective in mid-September. With no sales, TikTok said that it may end in the U.S. TikTok and Bytedance denied the charges and appeared in the U.S. court.
Microsoft is currently negotiating acquisitions of the TikTok business in the US, Canada, Australia and New Zealand. I also want to board the hypermarket Walmart. At the same time, according to media reports, a group of startups is also operating with software company Oracle.
Trump also ordered in mid-August that Bytedance should disconnect all data from US users within three months. Additionally, Bytedance may no longer own any assets in the United States used to run TikTok.
According to CNBC, TikTok has announced that it wants to comply with Chinese laws. This makes Microsoft’s or rival Oracle’s acquisition of TikTok increasingly suspicious. Social media giant Facebook, which has already launched a TikTok competition service along with Instagram reel, can benefit from this development.
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