ByteDance reportedly agrees to divest TikTok's U.S. business

According to Reuters, two people familiar with the matter said on Saturday (1st) that ByteDance has agreed to completely divest TikTok's US business to save a deal with the White House after U.S. President Trump said on Friday that he had decided to ban the app.

ByteDance had previously sought to take a minority stake in TikTok's U.S. business, but was rejected by the White House. Under the new deal proposal, ByteDance would exit completely and Microsoft would take over TikTok's U.S. operations, the sources said. Some U.S.-based ByteDance investors may have the opportunity to acquire a minority stake in the business, the sources added.

The White House did not respond to a request for comment on whether Trump would accept concessions from ByteDance. ByteDance did not respond to a request for comment.

Under ByteDance's new proposal, Microsoft would be responsible for protecting all U.S. user data, the source said, adding that the plan would allow another U.S. company other than Microsoft to acquire TikTok.

Microsoft also did not respond to the reporter's request for comment.

(Source: Jiemian News)