Former Trump Treasury Secretary Steven Mnuchin forming investor group to buy TikTok
Former Trump Treasury Secretary Steven Mnuchin forming investor group to buy TikTok
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This is named "nationalizing" and was what Venezuela did with their oil industry.
It’s sort of similar, but the US government isn’t seizing TikTok. It, when the legislation is signed, will force sale to a US entity or otherwise prevent the usage in the United States.
ByteDance will probably get somewhat close to fair market value for the application, after all of the lawsuits and legal challenges are over with
ByteDance will probably get somewhat close to fair market value for the application
No it won't.
The amount of power Tiktok has is priceless, which is exactly why Americans spread so much FUD to put that power in the hands of their rulers.
If power is priceless, then they’re going to get a screaming deal because I’m willing to bet that some company is going to offer several hundreds of millions for TikTok.
I get what you’re saying though. As far as I know, this decision is a first of its kind for the US. They’ve usually used laws and government contracts to influence things like data processing and storage locations for companies handling things like PII and financial information. Forcing local ownership is honestly more in line with something that China would do which is a little ironic.
Add a zero to that, no way tiktok would sell for anything less than several billion. Facebook paid $1B for Insta over 12 years when the app had around 25 million users.
I would LOVE to see the dumpster fire that TikTok owned and run by the U.S. Government would be