Wednesday, 16 Sep 2020 07:12 AM MYT
Under ByteDance's proposal, however, the Beijing-based company would keep a majority stake in TikTok's global business and create headquarters for TikTok in the United States, the sources said. Treasury Secretary Steven Mnuchin said on Monday that ByteDance has also offered to create 20,000 US jobs with TikTok.
Mnuchin, who chairs CFIUS, and Commerce Secretary Wilbur Ross were meeting at the White House yesterday to consider ByteDance's proposal, two of the sources said. In its lawsuit against Trump's previous executive order, dated August 6, which calls on TikTok to be banned, the app said CFIUS had not identified any mitigation measures that would address the national security risks, despite TikTok proposing to bring in “trusted US technology partners,” as it has now branded Oracle.
Source: News Formal (newsformal.com)
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