Trump says TikTok will go 'out of business' if not sold to American company within 6 weeks

As TikTok faces heat worldwide due to its Chinese origin and issues related to data security, United States President Donald Trump on Monday has said that Chinese company will go out of business in September in his country if t sold to American company. He also gave six weeks time to Chinese company to sell its US operations to an American company. He ded tthat government wanted a financial benefit from deal.

It's got to be an American company... it's got to be owned here. We don't want to have any problem with security. I set a date of around September 15, at which point it's going to be out of business in United States," Trump said.

However, to a major surprise, Trump said that a 'substantial portion' of that price will go to Treasury of United States as he is one giving d for byuing TikTok to American companies. "A very substantial portion of that price is going to have to come into Treasury of United States, because we're making it possible for this deal to happen," Trump told reporters.

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Microsoft To Purchase TikTok In US

Earlier on August 3, Microsoft Corp confirmed intent to purchase TikTok service in US, Cana, Australia, and New Zealand, which will le to tech giant owning and operating TikTok in se markets. confirmation comes after Microsoft CEO Satya Nella held talks with US President Donald Trump as latter raised concern over security arising out of use of China-based social media app.

Microsoft said in a statement that company “fully appreciates” importance of dressing concerns, ding that it is committed to acquiring TikTok “subject to a complete security review”. It also emphasised on providing “proper ecomic benefits” to US, including Department of Treasury.

“Microsoft will move quickly to pursue discussions with TikTok’s parent company, ByteDance, in a matter of weeks, and in any event completing se discussions later than September 15, 2020,” tech firm ded.

Microsoft and ByteDance have tified Committee on Foreign Investment in United States (CFIUS) regarding ir intent to explore a preliminary proposal that would involve a purchase of TikTok service in United States, Cana, Australia, and New Zealand. company may invite or American investors to participate in purchase on a mirity basis.

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TikTok faces heat 

Indian government has recently banned TikTok and or mobile application which have Chinese origin and has given m 3 weeks time to respond to security questions. US Secretary of State Mike Pompeo in a TV interview earlier this month said that Trump ministration is certainly looking to ban app. Pompeo said government remained concerned about TikTok and referred to ministration's crackdown on Chinese telecom firms Huawei and ZTE. A U.S. national-security ncy has been reviewing ByteDance's purchase of TikTok's precursor, Musical.ly. Moreover, Australia is also considering a ban on TikTok app by Chinese developers over security concerns. Several Australian legislators have expressed ir concern over privacy issues and possibility of Chinese government having access to users' data.

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After suffering losses that could be as high as $6 billion due to ban in India, TikTok also suspended its operations in Hong Kong. TikTok's parent ByteDance reportedly has taken action in view of Hong Kong National security law, which imposes Chinese laws in Hong Kong. Thus, companies in Hong Kong might have to share ir information with China, thus undermining user privacy and security.  

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