Published 09:52 IST, September 21st 2020
Restructure Google & Facebook outside US like TikTok as well: Chinese stooge's novel idea
The Global Times Editor remarked that the overseas operations of companies such as Google and Facebook should also undergo restructuring like for TikTok
As Trump gives his nod to the sale of TikTok's US operations to Oracle and Walmart, Editor of China's mouthpiece Global Times fumed at the deal remarking that the model should be promoted globally with US companies like Google and Facebook. Xu Xijin added that the overseas operations of companies such as Google and Facebook should also undergo such restructuring to keep them under 'local control for security reasons.'
According to a report, Oracle and Walmart will buy 12.5 per cent and 7.5 per cent stake respectively in newly established 'TikTok Global' and both companies would pay a combined $20 billion if they agree to the proposed valuation. TikTok’s parent company ByteDance is reportedly seeking a valuation of $60 billion for its video-sharing app as Oracle and Walmart take stakes in it.
Trump gives green signal to deal
After declaring TikTok a national security risk and even preventing federal employees from having the app on their office devices, Trump last month signed an executive order that would ban TikTok and other Chinese apps from operating in the US. The only way for TikTok to avoid the ban was to sell its US operations to an American company.
With the new deal, Trump said TikTok could now be based in Texas under Oracle and Walmart's control in the US. The US President added “I have given the deal my blessing,” he said. “If they get it done, that’s great. If they don’t, that’s okay too”.
ByteDance opposes ban
Meanwhile, TikTok's parent company ByteDance has called the ban as a violation of First Amendment free-speech rights as millions of Americans express themselves on the online platform. ByteDance has also challenged the order in a federal court, accusing the administration of targeting the company due to political reasons rather than the “threats” mentioned by the US Department of Commerce.
Updated 09:52 IST, September 21st 2020