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Thursday, October 29, 2020

Watch Live: Trump Briefs Press As TikTok-Oracle Deal Talks Drag On

Instagram founder Kevin Systrom and others have warned that the White House’s crackdown on TikTok – the Chinese-owned social media platform that has attracted some 100 million American users – is a net negative for the app’s American rivals, even as shares of Facebook and Snap popped as the Trump Administration publicized its plans for barring new downloads of both TikTok and WeChat, two companies that had been targeted in an executive order last month. It’s the first step toward a total ban, if a deal isn’t worked out by Nov. 12 (at least, as far as TikTok is concerned).

As a result, TikTok’s American CEO Vanessa Pappas tweeted an invitation for Facebook, which owns Facebook, Whatsapp and Instagram, some of the world’s most popular social media and digital communications platforms, to join TikTok’s lawsuit fighting the Trump Administration’s ban.

And a couple of hours later, with US stocks trading in the red, an anonymous US official reassured CNBC that a deal to save TikTok

With the state of the “deal” (which would leave Oracle and Walmart among a group of investors backing a newly independent US-based company housing TikTok’s international business) in constant flux, reports are claiming that AG William Barr is now the lone senior administration official with a say in the CFIUS decision who remains unconvinced. Questions remain about whether ByteDance will retain control of the TikTok content recommendation algorithm.

Despite reports that Beijing could give the deal its blessing, US officials are now claiming that China could still sabotage the deal.

With the administration threatening to ban new downloads of both TikTok and WeChat (a popular chat & payments app developed by China’s Tencent) as soon as Sunday night, President Trump is appearing at a hastily arranged 1400ET press briefing. Speculation among the White House press corp is that the briefing will focus primarily on the deal.

President Trump Holds a News Conference

The White House

We have a sneaking suspicion, however, that the briefing will leave us with more questions than answers.



Zerohedge

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