Latest News

TikTok ban delayed by US government

0

The US ban on TikTok has been delayed by Donald Trump’s administration, a last-minute reprieve for the Chinese owned video-sharing app.

TikTok had been due to be banned from US app stores on Thursday, however, the US commerce department said it will refrain from blocking the app pending further legal developments after the government appealed against a court order blocking the ban in October.

READ: TikTok to pursue IPO within a year as White House approves plans

TikTok, which is owned by Chinese firm ByteDance, has been accused by Trump’s administration of posing a national security risk to the US, with the government saying personal data collected by the app can be passed on to the Chinese government. However, TikTok has denied these claims.

Trump originally signed an executive order in August for TikTok to sell its US operations within 45 days to avoid the ban, with several US firms including Microsoft Corp (NASDAQ:MSFT) registered as potential suitors.

However, in September ByteDance said TikTok will be publicly listed on Wall Street under a US formed company, TikTok Global after the proposals were approved by the Trump administration.

Oracle and Walmart will buy up to a combined 20% stake as part of a financing round ahead of an initial public offering, which is planned to occur within a year.

TikTok is one of the most popular social media apps in the US and has around 100mln users in the country alone.

World Energy Outlook 2020

Previous article

FTSE 100 ends the week lower, Wall Street holds into vaccine hopes

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News