Trump says will ban TikTok in the US

NEW YORK/WASHINGTON: President Donald Trump said on Friday he would sign an executive order as soon as Saturday to ban fast-growing social media app TikTok in the United States, as American authorities have raised concerns the service could be a tool for Chinese intelligence.

He added he would take action as soon as Saturday using emergency economic power or an executive order. "Not the deal that you have been hearing about, that they are going to buy and sell... and Microsoft and another one. We are not an M&A country,” Trump said. "While we do not comment on rumors or speculation, we are confident in the long-term success of TikTok," TikTok said in a statement.As relations between the United States and China deteriorate over trade, Hong Kong’s autonomy, cyber security and the spread of the novel coronavirus, TikTok has emerged as a flashpoint in the dispute between the world’s two largest economies.

ByteDance has received a proposal from some of its investors, including Sequoia and General Atlantic, to transfer majority ownership of TikTok to them, Reuters reported on Wednesday. The proposal values TikTok at about US$50 billion, but some ByteDance executives believe the app is worth more than that.

Earlier this year, Chinese gaming company Beijing Kunlun Tech sold Grindr, a popular gay dating app it bought in 2016, for US$620 million after being ordered by CFIUS to divest.

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