TikTok: Chinese government rejects US deal
The deal between ByteDance (TikTok), Oracle and Walmart agreed at the weekend does not seem to be very popular in China. The September 20 deadline for an alleged TikTok sale has passed, but the parties involved have not yet agreed on the terms of the deal. ByteDance and the alleged buyers Oracle and Walmart presented contradicting information about the future ownership of the app and thus confused investors and users. Meanwhile, Beijing’s dissatisfaction with the sale of TikTok is becoming more apparent. China has no reason to agree to the "dirty" and "unfair" deal that will allow Oracle and Walmart to take over TikTok on the basis of "bullying and blackmail," according to an article in the China Daily. The success of TikTok – a projected turnover of about one billion dollars by the end of 2020 – "apparently caused Washington discomfort" and prompted the US to "use national security as an excuse to ban the video-sharing app". Beiji...