Treasury Secretary Steven Mnuchin confirmed the Committee on Foreign Investment in the U.S. would make recommendations to President Donald Trump regarding the ByteDance-owned app’s risks. Specific focus is reportedly being given to TikTok’s 2017 acquisition of Musical.ly. Trump said, “We are thinking about making a decision.” (CNBC)
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Treasury Secretary Steven Mnuchin confirmed the Committee on Foreign Investment in the U.S. would make recommendations to President Donald Trump regarding the ByteDance-owned app’s risks. Specific focus is reportedly being given to TikTok’s 2017 acquisition of Musical.ly. Trump said, “We are thinking about making a decision.” (CNBC)
Talking point: On Wednesday, TikTok pledged it would allow U.S. regulators to take a closer look at its underlying software code, in response to claims it was handing off data to the Chinese government. Ahead of the Big Tech executives’ congressional testimony on antitrust Wednesday, TikTok CEO Kevin Mayer also accused Facebook of using language “disguised as patriotism” to distract from its anti-competitive behaviour. Meanwhile, ByteDance investors, who are considering breaking off the app from its Chinese parent company, have valued TikTok at around US$50 billion.
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