Trump will not extend the sale of TikTok

President of the United States Donald Trump does not intend to extend the term for the sale of the American segment of the application TikTok, which he provided to the Chinese company ByteDance. This was announced by the American leader before his flight to Michigan.

“It (TikTok) will either be closed or sold. The term of TikTok will not be extended,” said the head of the White House.

August 31, the media reported that ByteDance, which owns the application TikTok, decided with the buyer business. At the same time, it was noted that the deal could be frustrated because of the new law of China on technology export: TikTok uses artificial intelligence technology, and therefore ByteDance will be obliged to apply for a license for sale to the Chinese government.

August 27, The Wall Street Journal reported that ByteDance demanded about $30 billion for the American segment of TikTok.

On August 25, it was reported that the U.S. investment companies General Atlantic and Sequoia Capital are taking steps to acquire the American segment of the social network TikTok from ByteDance together with the Oracle Corporation. Also the intention to buy the segment was announced by Twitter and Netflix.

August 6, American leader Donald Trump signed a decree “On combating the threat” allegedly coming from Chinese applications TikTok and WeChat. Later he demanded to sell the service TikTok to an American company until September 15, otherwise it will be banned in the United States.