US to ban app downloads of Tiktok & Wechat tomorrow
Bytedance plans to launch Tiktok IPO in US and accept new Treasury terms
The Donald Trump administration will ban Wechat and videosharing app Tiktok from US app stores starting Sunday night, a move that will block Americans from downloading the Chinese-owned platforms over concerns they pose a national security threat.
Current Tiktok users will see little change and US Commerce Department officials said they will not bar additional technical transactions for Tiktok until November 12, which gives the company time to see if owner Bytedance can clinch an agreement over the fate of its US operations. “The basic Tiktok will stay intact until November 12,” US Commerce Secretary Wilbur Ross told Fox Business Network on Friday.
Trump said he has spoken with the leadership team of Walmart and Oracle as part of his decision-making process on Tiktok. “We spoke today to
Walmart, Oracle — I guess, Microsoft is still involved. We'll make a decision. But nothing much has changed. We'll make a decision soon,” he said.
On the other hand, Bytedance is planning a US initial public offering of Tiktok Global, the new company that will operate the app, should its proposed deal be cleared by the
US government, sources said. Bytedance, Oracle, and the Treasury Department have tentatively agreed to terms for Oracle’s bid for the US operations of Tiktok, said people familiar with the matter.
Tencent’s gaming stakes under scanner
Tightening the noose around Tencent, whose Wechat app is set to banned, the US government has asked gaming firms to provide information about their data-security protocols involving the Chinese technology giant. The Committee on Foreign Investment in the US has sent letters to companies, including Epic Games and Riot Games, in this matter.