Thanks to US President Donald Trump, TikTok bought itself a 75-day reprieve that would have banned it from the US. However, the company isn’t completely out of the woods yet. There are still a lot of things that need to be done, but according to ByteDance board member William E. Ford, he thinks the TikTok ban can be resolved without having to sell off the company.
Coming to a compromise
During an interview with Bloomberg Television, Ford, the CEO of General Atlantic and a board member of TikTok’s parent company, ByteDance, thinks a solution is possible.
According to Ford, “We are optimistic we will find a solution. There are a number of alternatives we can talk to President Trump and his team about that are short of selling the company that allow the company to continue to operate, maybe with a change of control of some kind, but short of having to sell.”
Ford also seems optimistic about the talks between Trump and China President Xi Jinping. “I’m optimistic about the dialog that is emerging between President Trump and President Xi. That might help create a much more constructive environment, a much higher level of engagement that could lead to a positive solution.”
Both sides need to find a compromise that they can live with, but it’s unclear what that might be.
Selling off TikTok
The law currently requires TikTok to sell itself to an American company. Failing to do so would effectively ban the app. It’s not a complete ban per se. The TikTok app is still usable in the US, but users cannot download it from app stores like the Apple App Store or Google Play.
Trump’s 75-day reprieve doesn’t undo the law but instead gives TikTok and the US government more time to come to some alternate deal or understanding. Selling off TikTok to a US company would be the most straightforward solution, but it isn’t so simple.
For starters, ByteDance, a company based in China, owns TikTok. The relations between the US and China aren’t so great right now. China also has laws that prevent the export of technologies it deems to be “core”. Interestingly enough, China has given TikTok’s algorithm such a designation.
This further complicates the sale of TikTok since it would effectively mean selling off the technology in the process. It remains to be seen if this TikTok ban will get resolved. But in the meantime, competing social media platforms are wasting no time trying to lure creators to their side.
2025-01-24 15:05:13