US President-elect Donald Trump on Sunday announced he will sign an executive order to delay the ban on TikTok when he assume office on Monday, and will propose to acquire 50 per cent stake in the Chinese application.
“I would like the United States to have a 50% ownership position in a joint venture. So that we can make a deal,” Trump posted on his Truth Social platform, adding that his order will delay the ban on the video-sharing app.
He said his order would “extend the period of time before the law’s prohibitions take effect” and “confirm that there will be no liability for any company that helped keep TikTok from going dark before my order.
“Americans deserve to see our exciting Inauguration on Monday, as well as other events and conversations,” Trump wrote.
The Republican further said that he suggests establishing “a joint venture between the current owners and/or new owners whereby the US gets a 50% ownership in a joint venture set up between the US and whichever purchase we so choose.”
The law gives the sitting president authority to grant a 90-day extension if a viable sale is underway. Although investors made a few offers, ByteDance previously said it would not sell.
“By doing this, we save TikTok, keep it in good hands and allow it to say up,” Trump wrote. “Without US approval, there is no Tik Tok. With our approval, it is worth hundreds of billions of dollars – maybe trillions.”
Millions of TikTok users in the US were no longer able to watch or post videos on the platform as of Saturday night.
“A law banning TikTok has been enacted in the U.S.,” a pop-up message informed users who opened the TikTok app and tried to scroll through videos. “Unfortunately that means you can’t use TikTok for now.”
