Occurrences
Segments
Programs
Occurrences
Segments
Programs
Ex-Trump consultant Steve Mnuchin intends to acquire TikTok from ByteDance, inciting anger in China over 'Thief's Reasoning.'
Steve Mnuchin's proposal is not the premier endeavor to switch TikTok's governance to American organizations. In 2020, ex-President Trump backed a proposed agreement involving Oracle and Walmart to establish a US-centric business that would assume control of TikTok.
Steve Mnuchin, who previously served as the US Treasury Secretary and was a key advisor to ex-US President Donald Trump, has expressed his plans to gather investors for buying TikTok from its China-based parent company, ByteDane.
This news comes after the House of Representatives approved a legislation intending to prohibit the app in the US and eliminate it from all app marketplaces unless ByteDance relinquishes its US activities.
The House of Representatives is making an effort to regulate TikTok and its ties with ByteDance, due to worries about national security. Nevertheless, the US Senate hasn't yet set a date to vote on this proposed legislation.
President Joe Biden has indicated his readiness to approve the bill if it makes it to his office, even though its outcome in the Senate is still undetermined.
While appearing on the CNBC show Squawk Box, Mnuchin, who was part of former President Donald Trump's administration from 2017 to 2021, shared his plans for TikTok.
Mnuchin stressed the significance of the US obtaining ownership of TikTok to maintain access to the extent of American data it presently has. He further stated that in the opposite scenario, a US company closely affiliated with the American government would not be allowed in China if it was also amassing large amounts of data like TikTok does.
The specifics of Mnuchin's proposals, such as possible investors, are still not clear. Nonetheless, this isn't the inaugural effort to shift TikTok's ownership to U.S. groups. In 2020, former President Trump was in favor of a suggested agreement that included Oracle and Walmart to establish a U.S.-based business.
American lawmakers have consistently expressed worry over TikTok's vast number of users, due to potential data security issues stemming from its Chinese ownership. The latest House decision regarding a possible TikTok prohibition was largely supported, with a tally of 352 votes for and 65 against.
China refers to it as "Bandit's Reasoning, Unjust Oppression." Following the resolution made by the House, Beijing lambasted the US, blaming it for using a "bandit's reasoning" approach against TikTok. Chinese authorities called on Washington to stop the unjust oppression of overseas businesses.
Should the Senate endorse the proposed legislation and it receives President Biden's signature to become law, ByteDance would be given a half-year timeframe to transfer TikTok's ownership to a non-Chinese organization, otherwise, it risks being taken off from US app stores.
TikTok has launched Project Texas, a revamping initiative intended to protect American user data from Chinese interference, which includes collaborations with US firms such as Oracle. Moreover, the platform has broadened its scope to include e-commerce, bringing in significant income.
The mutual anxiety among political parties about TikTok highlights deeper fears about China's impact in diverse industries. Regardless of political disagreements, Democrats and Republicans alike back strategies to tackle these issues.
ByteDance has strongly resisted the proposed prohibition, stating that it would negatively impact small businesses and interfere with its functioning. While TikTok's main income source is advertising, its online retail platform has seen substantial growth.
ByteDance, on the other hand, is encouraging its American users to contact their local lawmakers and highlight the importance of TikTok for their enterprises, emphasizing that it has become a significant source of income for some creators.
Meta-owned Instagram has risen to become the primary rival of TikTok in the United States, launching comparable functions to lure in users. In the previous year, Instagram outperformed TikTok, becoming the most downloaded application worldwide.
Discussions are still ongoing, and the future of TikTok in the US is still up in the air, carrying considerable consequences for the technology sector as well as the country's security.
Search for us on YouTube
Top Programs
Associated Articles
Following fatalities, an Indian student is now unaccounted for in the US: What's happening?
A Chinese individual collaborates with a Canadian to pilfer Tesla's battery technology; they start their own business but are apprehended in the US
AI-induced hallucinations can be resolved, and artificial general intelligence is approximately 5 years away: Says Jensen Huang of NVIDIA
'US needs to cease aid to Ukraine…China won't strike Taiwan': John Mearsheimer informs Palki Sharma
Following fatalities, an Indian student is now unaccounted for in the US: What's happening?
A Chinese individual collaborates with a Canadian to pilfer Tesla's battery technology; they start their own business but are apprehended in the US
AI-induced hallucinations can be resolved, and artificial general intelligence is approximately 5 years away: Says Jensen Huang of NVIDIA
'US needs to cease aid to Ukraine…China won't strike Taiwan': John Mearsheimer informs Palki Sharma
can be found on YouTube
Firstpost holds all rights, protected under copyright, as of 2024
+ There are no comments
Add yours