By using this site, you agree to the Privacy Policy and Terms Of Use.
Accept
WhatsNew2DayWhatsNew2Day
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Reading: The US demands that the Chinese owner of TikTok sell its stake in the app or it will be banned in the country
Share
Aa
WhatsNew2DayWhatsNew2Day
Aa
  • Home
  • Contact
  • About us
  • Privacy Policy
  • Home
  • Australia
  • Business
  • Economy
  • Entertainment
  • Gaming
  • Health
  • Lifestyle
  • Science
  • Sports
  • Tech
  • US
  • World
Follow US
© 2022 WhatsNew2Day News Network. All Rights Reserved.
WhatsNew2Day > US > The US demands that the Chinese owner of TikTok sell its stake in the app or it will be banned in the country
US

The US demands that the Chinese owner of TikTok sell its stake in the app or it will be banned in the country

Last updated: 2023/03/16 at 3:13 AM
Jacky 6 days ago
Share
The Biden administration has threatened to ban TikTok in the US unless its Chinese owner ByteDance sells its shares in the app.  In the photo, Shou Zi Chew, CEO of TikTok.
SHARE

The US demands that TikTok’s Chinese owner sell its stake in the app or it will be BANNED as the company vows to spend $1.5 billion to protect user data.

  • A US interagency working group has demanded that TikTok’s ownership be changed
  • Chinese laws mean Chinese companies must share data with their government
  • The Trump administration proposed a similar change, but it was blocked in court.

By Neirin Gray Desai for WhatsNew2Day.Com

Contents
The US demands that TikTok’s Chinese owner sell its stake in the app or it will be BANNED as the company vows to spend $1.5 billion to protect user data.Share or comment on this article:

Published: 02:07 EDT, March 16, 2023 | Updated: 03:13 EDT, March 16, 2023

The Biden administration has threatened to ban TikTok in the US unless its Chinese owner sells its shares in the app.

It marks the first time the administration has explicitly threatened a ban and represents a change in its attitude toward the platform, which Republicans have said is a threat to national security for the way it collects data from US citizens.

The lawsuit was filed by the United States Committee on Foreign Investment and specifies that TikTok’s parent company, ByteDance, sell its stake in the US version of the app.

It’s unclear if federal officials have given ByteDance a deadline to sell.

Hilary McQuaide, a spokeswoman for TikTok, confirmed to DaiyMail.com that the lawsuit was filed, but suggested the changes would not increase data security for US citizens.

The Biden administration has threatened to ban TikTok in the US unless its Chinese owner ByteDance sells its shares in the app. In the photo, Shou Zi Chew, CEO of TikTok.

The demand was made by the Committee on Foreign Investment in the US, chaired by Janet Yellen, Secretary of the Treasury.

The demand was made by the Committee on Foreign Investment in the US, chaired by Janet Yellen, Secretary of the Treasury.

“If the goal is to protect national security, divestment does not solve the problem: a change in ownership would not place new restrictions on data flows or access,” it said in a statement.

“National security concerns are best addressed with transparent, US-based protection of US user data and systems, with robust monitoring, investigation, and third-party verification , which we are already implementing,” he added.

TikTok critics have said that Chinese laws require Chinese-owned companies to share data with the Chinese government.

Instead, TikTok is proposing a $1.5 billion security plan, dubbed Project Texas, that would see American user data protected and monitored by Texas-based Oracle.

The plan would include independent monitors and auditors to ensure that neither ByteDance nor Chinese officials can access certain data.

The Committee on Foreign Investment in the United States (CFIUS) is an interagency committee that oversees national security risks posed by foreign investment. It is chaired by Janet Yellen, Secretary of the Treasury, but its members include the heads of the departments of justice, defense, state and energy.

TikTok critics have said that Chinese laws require Chinese-owned companies to share data with the Chinese government.

TikTok critics have said that Chinese laws require Chinese-owned companies to share data with the Chinese government.

ByteDance staff walk past the ByteDance headquarters building in Beijing in 2020. Its executives say that 60 percent of its shares are owned by foreign investors.

ByteDance staff walk past the ByteDance headquarters building in Beijing in 2020. Its executives say that 60 percent of its shares are owned by foreign investors.

In 2020, President Trump (pictured in 2020) gave the Chinese company ByteDance 90 days to dispose of any assets used to support the popular app TikTok in the United States.  His administration's efforts were blocked in court.

In 2020, President Trump (pictured in 2020) gave the Chinese company ByteDance 90 days to dispose of any assets used to support the popular app TikTok in the United States. His administration’s efforts were blocked in court.

TikTok executives have said ByteDance’s shares are 60 percent owned by global investors, 20 percent by employees and 20 percent by its founders, according to the report. Wall Street Journalwho first reported on the lawsuit.

TikTok CEO Shou Zi Chew will testify before the House Committee on Commerce and Energy next Thursday.

This request comes after a dozen US senators introduced a bipartisan bill last week giving President Biden the authority to ban TikTok nationwide.

The Restriction Act would allow the US Department of Commerce to declare companies with foreign ties national security risks.

Last December, the Senate passed a bill to ban TikTok on government devices.

In 2020, the Trump administration threatened to ban TikTok unless the app was sold to an American company. Those efforts were thwarted when ByteDance went to court to challenge the ban.

He argued that it would be a violation of the Berman amendments, which allow the free flow of “information material” from hostile countries.

Share or comment on this article:

You Might Also Like

Conservative politicians MAY present current affairs TV shows, Ofcom rules

4.6 magnitude earthquake strikes near Fortuna in Northern California

Kieran Culkin confirms that his brother Macaulay Culkin and his fiancee Brenda Song have welcomed their second child

Bolic Bet Malou says the passenger agreed to swap seats with him before he was tasered on the Jetstar flight

Ron DeSantis Insists He Can BEAT Biden If He Runs In 2024 Beats Trump’s ‘Chaotic’ Leadership

TAGGED: app, banned, Chinese, Country, dailymail, demands, news, owner, sell, stake, TikTok
Jacky March 16, 2023
Share this Article
Facebook Twitter Email Print
Share
Previous Article Australian lovebirds Cody Simpson (pictured) and Emma McKeon have touched down in New Caledonia, where they are enjoying the ultimate luxury vacation. Cody Simpson travels to paradise with Emma McKeon for a two-week romantic getaway
Next Article Recent inflation has caused some to become nostalgic for the prices of just two years ago: the cost of groceries has risen sharply, and faster than wages. Inflation is now so bad that people are nostalgic for 2021, when an avocado was $1 instead of $2.50

Latest

Ofcom has said that conservative politicians can present current affairs television shows.  Conservative MP Nadine Dorries has her own space on TalkTV
Conservative politicians MAY present current affairs TV shows, Ofcom rules
News
The 2023 World Cup will probably start on October 5 and end on November 19.
The 2023 World Cup will probably start on October 5 and end on November 19.
Sports
4.6 magnitude earthquake strikes near Fortuna in Northern California
4.6 magnitude earthquake strikes near Fortuna in Northern California
US
New ‘Data Engineering Consulting Services’ Service Page is Launched By DEV3LOPCOM, LLC
New ‘Data Engineering Consulting Services’ Service Page is Launched By DEV3LOPCOM, LLC
Gaming
MPs explore how to expand quantum computing in business
MPs explore how to expand quantum computing in business
Gaming
Nordics move towards common cyber defence strategy
Nordics move towards common cyber defence strategy
News

nba 2k23 mt

© WhatsNew2Day News Network. All Rights Reserved. Email: contact@whatsnew2day.com

  • Home
  • Contact
  • About us
  • Privacy Policy

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?