WASHINGTON - US President Donald Trump's unprecedented demand that the United States get a cut of the proceeds from the forced sale of Chinese internet giant ByteDance's short-video app TikTok is based on an interpretation of US law that regulatory lawyers say may be open to challenges.
Microsoft has said it is seeking to buy the assets of TikTok in North America, Australia and New Zealand. It has not disclosed how much it is willing to pay, though sources previously told Reuters that ByteDance executives value all of TikTok at more than US$50 billion . CFIUS legislation gives the US government broad authority to seek mitigation from companies that are jeopardising national security, legal experts said.
The White House, the Treasury Department, Bytedance and Microsoft did not immediately respond to requests for comment.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TikTok doing all it can to avoid US ban, potential Microsoft deal in the works: ownerBEIJING - TikTok owners Bytedance said on Monday (Aug 3) it is doing all it can to avoid a ban in the United States, confirming that it is facing a forced sale to US tech giant Microsoft, an internal memo has shown.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Trump gives Microsoft 45 days to clinch TikTok dealPresident Donald Trump only agreed to allow Microsoft Corp to negotiate the acquisition of popular short-video app TikTok if it could secure a ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Trump's bid for a piece of Microsoft-TikTok deal could spur legal actionWASHINGTON: President Donald Trump's unprecedented demand that the United States get a cut of the proceeds from the forced sale of Chinese ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US should get 'substantial portion' of TikTok operations sale price: TrumpUS President Donald Trump said Monday the US government should get a 'substantial portion' of the sales price of the US operations of TikTok and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Trump says TikTok must sell US arm by Sept 15, or closeWASHINGTON (BLOOMBERG) - President Donald Trump said TikTok will have to close in the US by Sept 15 - unless there's a deal to sell the social network's domestic operations to Microsoft or another US company.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Trump: US should get 'substantial portion' of TikTok operations sale priceU.S. President Donald Trump said Monday the U.S. government should get a 'substantial portion' of the sales price of the U.S. operations of TikTok ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »