© Reuters. FILE PHOTO: TikTok logos are shown in front of the displayed ByteDance logo on smartphones
By Echo Wang
NEW YORK (Reuters) – China's ByteDance has agreed to completely divest TikTok's U.S. operations to save a White House deal after President Donald Trump said on Friday that he had decided to close the popular short video app forbid two people who are familiar with the matter said on Saturday.
ByteDance previously sought to hold a minority stake in TikTok's US business, which the White House had rejected. In the context of the new contract proposal, ByteDance would be completely and completely eliminated Microsoft Corp. (NASDAQ 🙂 would take over TikTok in the US, sources said. Some U.S.-based ByteDance investors may be given the opportunity to acquire minority stakes in the business, the sources added.
The White House did not respond to a request for comment on whether Trump would accept the ByteDance concession. ByteDance in Beijing did not respond to a request for comment
According to the new ByteDance proposal, Microsoft will be responsible for protecting all US user data. The plan is for a U.S. company other than Microsoft to take over TikTok in the U.S.
Microsoft did not respond to a request for comment.
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