operations' backend functions and code from its Chinese arm. software giant Oracle to separate its U.S. The source said the company wants to resolve these questions and will continue to invest in data security efforts, like Project Texas, a series of steps TikTok is taking alongside U.S.Yes, but: It isn't clear to TikTok what CFIUS means by having its owners divest their stake, given that a large percentage of ByteDance's shares are owned by global investment firms, the TikTok source noted, adding that CFIUS did not provide details or a written order. would look like to satisfy the government's national security concerns. Their outreach included a broad outline of what a proposal for TikTok to remain in the U.S. if its owners didn't sell it, according to a TikTok source familiar with the situation. Banning it would have an immediate impact on millions of everyday Americans, and would mark a significant escalation of tensions between China and the U.S.ĭetails: The Committee on Foreign Investment in the United States (CFIUS), a regulatory arm that reviews foreign investments in the U.S., told TikTok that the government planned to ban the app in the U.S. Why it matters: TikTok has become one of the most popular mobile apps in the country, amassing over 100 million U.S. version of the app, a source confirmed to Axios. if its Chinese parent company, ByteDance, does not sell its stake in the U.S. The Biden Administration has warned TikTok that it faces a ban in the U.S.
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