TikTok's parent company, a Chinese-based social media platform for making short videos. The organization is widely known around the world for the welfare of TikTok. Bitdance has recently taken a new fundraising initiative, which is expected to reach a market value of 18 trillion if possible. Reuters quoted two sources as saying. The company wants to raise at least 200 million more to raise funds from existing investors such as Sequoia Capital and General Atlantic. ByteDance also has plans to raise funds from new investors.
ByteDance-controlled TikTok is under pressure from the United States as well as several other countries with its activities. US President Donald Trump has signed an executive order banning ticks on allegations of security breaches. At the same time, TikTok's parent company has been advised to sell its US activities to a US company. To take advantage of this opportunity, Microsoft started talks to buy the activities of the popular app TikTok in the United States. But in the end, ByteDance has reached an agreement with Oracle Corporation to sell the US activities of TikTok.
On August 6, Donald Trump signed an executive order banning ticks in the United States and gave the United States 45 days to hand over its activities to a local organization. As a result, Tiktok's business in the United States has been severely curtailed. If the transfer of ownership fails within the stipulated time, the country will not be able to make any more financial transactions, the ban said. At that time, the executive order of the US President to ban tick-tock created new tensions between Washington and Beijing.
TikTok alleges that unexpected steps have been taken to destroy their business in the United States. They have even been advised to sell their activities in the United States. They are being treated unfairly in the country on the pretext of information security. For that reason, they also said that they plan to take recourse to the law.
China has strongly criticized the Trump administration's decision on the issue. Beijing claims that the Donald Trump administration is trying to manipulate the local activities of the popular short video app Tiktok, including the United States, with various excuses and subterfuge, which will not be accepted under any circumstances. Not competition in the global technology industry; The Donald Trump administration is pursuing an "America First" policy of absolute monopoly.
Chinese technology companies are regularly harassed in the United States. One injustice after another is being made to stop the progress of Chinese institutions. Washington is making allegations of information security against all Chinese companies that are able to compete with US companies, which is completely baseless. The United States is wreaking havoc on Chinese technology companies. China has ample opportunity and means to respond to such tactics of the Donald Trump administration. If the Chinese administration starts carrying out their planned destruction, it will not be very positive for the US technology companies.
ByteDance had earlier taken the initiative to move its head office from China to avoid Donald Trump's ban. London is of the utmost importance to TikTok in building its head office outside China. However, no final decision has been made yet. That's why the TikTok authorities have to think about London as well as other areas. TikTok had previously appointed Kevin Meyer, former co-executive of Walt Disney, as Chief Executive Officer (CEO) to bring transparency to the operations. He is a citizen of the United States. The new CEO of Tiktak planned to build an office outside China to avoid accusations of closeness with the Chinese government against the company. However, Kevin Meyer left the tick when he was caught by the US sanctions.
Not just TikTok; Last August, Donald Trump signed a second executive order banning another Chinese Internet company, Tencent-controlled text, and voice messaging app WeChat, in the United States. The executive order, signed by Donald Trump, said the biggest threats to national security were TikTok and WeChat. That is why strict action should be taken against the regulators of the two services.
In an interview at the time, US Secretary of State Mike Pompeo said action would be taken against China-based software companies or their services that pose a threat to national security and are affiliated with the Chinese Communist Party. Numerous such organizations are doing business in the United States, which we think is smuggling information to the Chinese government. This important information includes facial recognition patterns, addresses, phone numbers, and contacts.