Outside Source
Elon Musk’s social media platform X may take control of TikTok US and run the businesses together under one potential scenario reportedly being considered.
News
Chinese officials are reportedly considering billionaire entrepreneur Elon Musk as a potential buyer for social media platform TikTok’s US operations if the platform is banned in America.
The move could be part of a contingency plan for working with the incoming Trump administration. However, TikTok parent company ByteDance is still trying to fight the ban through legal channels, Bloomberg reported, citing “people familiar with the matter” on Jan. 14.
Musk’s microblogging platform X would take control of TikTok US and run the businesses together under one scenario that has been reportedly discussed by the Chinese government, according to the unnamed sources.
A representative of TikTok, however, called the report “pure fiction” to entertainment outlet Variety.
US TikTok ban looming
The US Supreme Court recently signaled it may uphold the law requiring ByteDance to sell or shut down US operations. However, President-elect Donald Trump, who will take office on Jan. 20, wants to delay the ban so that negotiations can be worked on.
In March 2023, United States lawmakers questioned TikTok CEO Shou Chew over suspicions that the Chinese government was gathering user data through the app.
Source: YouTube
Bipartisan legislation was later passed requiring ByteDance to either sell its stake in TikTok or face an effective ban in the country, which comes into effect on Jan. 19. The push to ban TikTok centered on two main concerns: fear that the Chinese government could access American user data and concerns about potential surveillance of Americans.
On Jan. 10, the Supreme Court heard arguments in TikTok’s emergency appeal seeking to block the law.
ByteDance argued that the law violates the First Amendment rights of its 170 million US users.
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TikTok’s US operations could be valued at around $40 to $50 billion, according to Bloomberg Intelligence analysts.
In April, Musk opined that “TikTok should not be banned in the USA, even though such a ban may benefit the X platform,” before adding, “Doing so would be contrary to freedom of speech and expression. It is not what America stands for.”
Founder of social productivity platform 1% Better, Alex Finn, commented “Buying TikTok for pennies on the dollar and instantly having a library of video content available on that tab would be a game changer.”
Meanwhile, a representative for the Chinese social media platform told Variety, “We can’t be expected to comment on pure fiction,” in reference to the Bloomberg article which clarified:
“It’s not clear how much ByteDance knows about the Chinese government discussions or whether TikTok and Musk have been involved. It’s also unclear whether Musk, TikTok, and ByteDance have held any talks
Cointelegraph reached out to the TikTok press team but did not receive an immediate response.
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This article first appeared at Cointelegraph.com News
