On the eve of his inauguration, U.S. President-elect Donald Trump stated his intention for at least 50% ownership of TikTok, the Chinese-owned short-form video app, to be in the hands of U.S. investors.
Speaking at a rally in Washington, Trump explained his position on the app’s operation within the United States.
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“I would allow the app to continue operating in the U.S., but let the United States of America own 50 per cent of TikTok,” Trump said. He emphasized the value of regulatory approval in the app’s worth, declaring, “TikTok is worth nothing, zero without an approval to operate. If you do approve, they’re worth like a trillion dollars, they’re worth some crazy number.”
Trump revealed his plans to facilitate a joint venture involving TikTok and U.S. stakeholders. “I’m approving on behalf of the United States, so they’ll have a partner, the United States, and they’ll have a lot of bidders,” he added.
The app temporarily went offline for about 12 hours on Sunday due to a newly implemented U.S. law. The regulation required TikTok’s Chinese owner, ByteDance, to sell its U.S. operations or face a ban. However, Trump announced his intention to issue an executive order reinstating TikTok’s operation in the U.S.
TikTok has gained immense popularity in the U.S., but concerns over national security and data privacy have prompted calls for stricter regulations or ownership changes.
