On Sunday, U.S. President-elect Donald Trump told his supporters that he wants TikTok, the Chinese-owned short-form video app, to be at least 50% owned by U.S. investors. Speaking at a rally in Washington on the eve of his inauguration, Trump stated that he would allow TikTok to continue operating in the U.S., but with the condition that the U.S. hold a 50% stake in the company.
Trump emphasized that TikTok is essentially worthless without U.S. approval to operate. He added that if the app receives approval, it could be valued at a significant amount, potentially reaching a trillion dollars. Trump mentioned that the U.S. would act as a partner in a joint venture, leading to numerous bidders for the app.
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On the same day, TikTok was temporarily blocked for U.S. users for about 12 hours, as a new U.S. law requiring TikTok’s Chinese parent company, ByteDance, to either sell the app or face a ban in the U.S. was about to take effect. However, the app resumed service after Trump, set to be inaugurated the next day, announced he would issue an executive order allowing the platform to remain in the country.
