ByteDance's decision to ban rather than sell
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While the case filed by the video sharing platform Tiktok in the US is pending in the Supreme Court, some billionaires have started saying that they are ready to buy Tiktok. Famous billionaires such as Shark Tank America investor Kevin O'Leary and billionaire Frank McCourt have expressed their desire to buy TikTok's American ownership.
According to McCourt, by buying this app with TikTok's parent company, ByteDance, the data of US users will be collected in the digital infrastructure built in the US. A group led by McCurt, who is also the former owner of the Los Angeles Dodgers, sent a letter to ByteDance last week asking it to consider a purchase agreement. McCart said that if the purchase agreement is successful, the platform will live on for millions of users.
Likewise, billionaire O'Leary has also put forward a proposal to maintain 20 percent Chinese ownership and operate Tiktok under the board of directors and leadership of American citizens. He has also said that he is ready to buy together with McCurt . According to NBC News, banker Steven Mnuchin, who was also the finance minister during Donald Trump's previous presidential term, also said that a group of potential investors is ready to buy TikTok. He has not revealed who is in that group .
Activision Blizzard's Bobby Kotick, Chris Pablobsky, the head of online video platform Rumble, and others have also shown interest in buying TikTok. There are 170 million TikTok users in the United States. Analysts estimate that ByteDance will earn about $10 billion through TikTok in 2025. is .
Although buyers are interested, ByteDance has responded that the sale of TikTok is not possible . The New York Times reported that the Chinese government has also indicated that it will not allow the sale of tiktok. "Beijing admits that the price of Tiktok and its important algorithm is very expensive," Times journalist Lauren Hers wrote, "CB Insights Research Institute has evaluated ByteDance at $225 billion. However, it is not clear how much the US version of TikTok will cost.'
Within the next week, Tiktok is going to be discussed in America . In the latest hearing held on Friday, the Supreme Court expressed doubts about the challenges claimed by TikTok and leaned towards the US government's view. This also indicates the possibility of Tiktok ban in America after January 19. Tiktok had filed a case in the Supreme Court as a last ditch effort to overturn the US ban.
There has been a long-standing legal dispute between the US government and TikTok's parent company ByteDance over freedom of expression and national security concerns. Last April, the US government passed a law setting a January 19 deadline for Biden to sell TikTok's US shares or face sanctions. Bytedance reached the top with the aim of overturning this law.
US lawmakers passed the TikTok ban bill in April last year with the suspicion that Tiktok collects the data of American users and gives it to the Chinese government. President Biden immediately signed it into law. ByteDance and Tiktok users have been questioning the constitutionality of the law. They claim that banning the app violates the right to freedom of expression.
President-elect Donald Trump promised to 'save TikTok' when he issued an executive order in August 2020 announcing that TikTok and WeChat would be banned if they were not sold to non-Chinese entrepreneurs. But just a few hours before the execution of the order, a US federal judge ordered a stay of the order, saying it violated the First Amendment of the US Constitution. This time, before he enters the White House as the President, it is certain that the future of TikTok will be decided in America.
