UPDATED 9:20 AM PT — Sunday, August 2, 2020
Microsoft and Chinese company ByteDance may be moving forward with their TikTok ownership deal. According to new reports, the deal may have been struck and the companies are simply awaiting approval by the president.
Other reports claimed the two companies have not come to an agreement. If allowed, analysts believe Microsoft will continue its pursuit to purchase the app, which has been hoping to avoid a ban in the U.S.
In either case, President Trump is expected to sign off or reject the deal on Monday.
During a recent interview, Treasury Secretary Steve Mnuchin explained the president can either force a sale of the company’s business in the U.S. or block the platform under the International Emergency Economic Powers Act.
He declined to go into specifics about his talks with the president, but noted the Committee on Foreign Investments in the United States is conducting a review.
The secretary emphasized there is support on both sides of the aisle for changing how the platform operates in the U.S.
“The entire committee agrees that TikTok cannot stay in the current format because it risks sending back information on 100 million Americans. I’ve spoken to Sen. Cotton and Sen. Rubio, I spoke to the speaker and Sen. Schumer. We all agree there has to be a change.” – Steve Mnuchin, United States Secretary of the Treasury
This came after the president announced his intention ban the platform late last week.
President Trump: "We may be banning TikTok — we may be doing some other things." pic.twitter.com/wqG8lXLZp7
— The Hill (@thehill) July 31, 2020
Meanwhile, TikTok’s U.S. general manager claimed the company does not plan on going anywhere. Vanessa Pappas took to social media on Saturday to respond to pressure from the White House to ban the app in the U.S.
She has said security is the app’s highest priority and called for users to continue their support.
“When it comes to safety and security, we’re building the safest app because we know it’s the right thing to do. We appreciate the support, and we’re here for the long run. Continue to share your voice here and let’s stand with TikTok.” – Vanessa Pappas, U.S. General Manager of TikTok
Vanessa Pappas, TikTok’s U.S. General Manager, responds to threats of a ban: pic.twitter.com/Nw92CRYpYO
— Alex Salvi (@alexsalvinews) August 1, 2020
The message from Pappas was pushed out to all U.S. based users on the app as a notification.