Posted on 07/26/2020 1:56:43 PM PDT by SeekAndFind
Some US investors of Chinese tech behemoth Bytedance are mulling over whether or not to buy control of subsidiary company TikTok, according to a report from The Information.
The small group of investors is discussing such a move with ByteDance's top officials, per the report. The US investors involved in the deal could include General Atlantic and Sequoia Capital, the latter of which has backed the likes of Apple, Google, and PayPal. Per a previous Information report, Bytedance founder and CEO Zhang Yiming has said he wouldn't be opposed to such a sale.
The report comes as TikTok's parent company continues to grapple with how to handle security concerns of the ultra-popular app, as ties between China and the US grow increasingly tense. The ubiquity of a China-owned app in the US has rattled lawmakers and called into question how accessible user data is to the Chinese government.
The House of Representatives has voted to ban the app from all federally-issued devices. President Trump and other government officials have also considered a broader ban on the app in the US altogether, as India has done. Yet another option, as White House economic adviser Larry Kudlow suggested last Thursday, would be for TikTok to spin out of Bytedance and stand as its own independent US firm to stave off jitters surrounding the company's China connections. As the Information notes, Bytedance could also sell TikTok to a US firm, though its sale to a competing tech company — such as Snap — could raise additional antitrust concerns of big tech.
TikTok is slated to add 10,000 employees to its US workforce over the next three years, according to an Axios report on Tuesday.
(Excerpt) Read more at businessinsider.com ...
Its not the company, but the code within the app, that is worrisome
The report comes as TikTok's parent company continues to grapple with how to handle security concerns of the ultra-popular app...
The ones the Chicoms built in, or are their some vulnerabilities we'd not heard about?
Does an investor ever have real “control” of a Chicom company, no matter what the percentage of stock owned?
Asking for a friend.
Make it in America. It’s tic toc not an airplane.
Have no idea
How will this stop the ChiComs from online theft and espionage. Answer, it won’t.
The fact that that app is so popular is a real indictment against the condition of our current culture.
As long as the developers and servers are in China, the CCP is in control.
They would need to run it using American based servers, and American developers, and China will never allow that.
How to commit suicide in one easy step
India has banned for good reasons .
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