ByteDance abandoned the sale of TikTok in the US on Sunday to pursue a partnership with Oracle that it hopes will spare it a US ban while appeasing China’s government, people familiar with the matter said.
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ByteDance is increasingly likely to miss a Trump administration deadline for the sale of its TikTok US operations after new Chinese regulations complicated negotiations with bidders Microsoft and Oracle.
China has announced an initiative to establish global standards on data security, saying it wants to promote multilateralism in the area at a time when “individual countries” are “bullying” others.
SMIC tumbled the most in seven weeks following a report that the Trump administration was considering adding the chip maker to a blacklist amid an escalating crackdown on Chinese tech companies.
US President Donald Trump insists that any sale of TikTok include a cut for the federal government, yet that demand has baffled policy experts and lawyers.
China is planning a sweeping set of new government policies to develop its domestic semiconductor industry, conferring the same kind of priority on the effort it accorded to building its atomic capability.
A group representing major Internet companies has urged a US regulator to reject a Trump administration bid to narrow the ability of social media companies to remove objectionable content.
Imagine a bidder wanting to buy KFC, but being told the deal might not include the Colonel’s seven secret herbs and spices. That’s effectively what Beijing has told the list of US companies keen to purchase TikTok.
China’s new rules around tech exports mean ByteDance’s sale of TikTok’s US operations could need Beijing’s approval, a Chinese trade expert told state media.
TikTok CEO Kevin Mayer has left the company, less than three months after he joined the hit short-video app, and US GM Vanessa Pappas will replace him on an interim basis.