U.S. President-elect Donald Trump on Sunday announced to his supporters that he wants Chinese-owned short-form video app, TikTok, to be at least 50 per cent owned by U.S. investors.
Speaking at a rally in Washington on the eve of his inauguration, Trump stated that he would permit TikTok to continue operating in the U.S., but emphasized, “The United States of America must own 50 percent of TikTok.”
“TikTok is worth nothing, zero without an approval to operate,” Trump said.
Trump reiterated that TikTok is worthless without approval, but with an approval, its value could reach a trillion dollars. He plans to approve it, making the US a partner, and leading to a joint venture with multiple bidders. This comes after TikTok blocked US-based users for 12 hours on Sunday.
This development followed the introduction of a new U.S. law requiring TikTok’s Chinese owner, ByteDance, to either sell the platform or face a nationwide ban.
The app resumed operations after Trump, set to take office on Monday, announced his intention to issue an executive order allowing TikTok to continue operating in the U.S.
