TikTok to make deal to stay available in US - Top investor
Photo: TikTok will agree to a deal to stay available in the US (Getty Images)
China-based parent company ByteDance is set to reach an agreement to keep TikTok accessible in the United States. At the same time, there may be other solutions besides the sale of assets, stated General Atlantic CEO Bill Ford, according to Axios.
General Atlantic is a major investor in China's ByteDance, and Bill Ford is a member of its board of directors.
When asked if a deal will be struck, Ford responded: "It's in everybody's interest."
"We'll get on with it, as soon as maybe the end of the week in terms of negotiating what might work ... The Chinese government, the US government and the company and the board all have to be involved in this conversation," he explained.
Ford emphasized that alternatives to selling company assets are being considered.
He also pointed to the former US administration, led by President Joe Biden, for its partial responsibility in allowing the situation to escalate, citing a lack of "real dialogue" with the company.
Additionally, Ford noted that Donald Trump attempted to ban TikTok during the final days of his first term but changed his course during his recent campaign.
TikTok ban in the United States
In April 2024, former US President Joe Biden signed a law that allows for the ban of TikTok in the United States.
The law gives TikTok's Chinese parent company, ByteDance, 270 days to sell TikTok to an American company. If this deadline is not met, TikTok will be banned from US app stores and from internet hosting platforms that support it.
In December, the Federal Court of Appeals upheld a law that would ban TikTok in the United States if ByteDance does not sell its stake in the app by January 19, 2025.
On January 18, US President-elect Donald Trump announced that he would grant TikTok a 90-day reprieve from the ban in the country.
However, in the evening, TikTok was removed from the Apple and Google app stores for US users. Moreover, TikTok did not work for those who had the app installed, and even a VPN did not help to circumvent the ban.
With Trump taking office, the social media platform resumed operations. The new US President announced an extension of the deadline for the company's sale.
