Connect with us

Hi, what are you looking for?

Stock

Trump says it could be worth keeping TikTok in US for a little while

By Gram Slattery

(Reuters) – President-elect Donald Trump indicated on Sunday that he favored allowing TikTok to keep operating in the United States for at least a little while, saying he had received billions of views on the social media platform during his presidential campaign.

Trump’s comments before a crowd of conservative supporters in Phoenix, Arizona, were one of the strongest signals yet that he opposes a potential exit of TikTok from the U.S. market.

The U.S. Senate passed a law in April requiring TikTok’s Chinese parent company, ByteDance, to divest the app, citing national security concerns.

TikTok’s owners have sought to have the law struck down, and the U.S. Supreme Court has agreed to hear the case. But if the court does not rule in ByteDance’s favor and no divestment occurs, the app could be effectively banned in the United States on Jan. 19, one day before Trump takes office.

It is unclear how Trump would go about undoing the TikTok divestiture order, which passed overwhelmingly in the Senate.

“I think we’re going to have to start thinking because, you know, we did go on TikTok, and we had a great response with billions of views, billions and billions of views,” Trump told the crowd at AmericaFest, an annual gathering organized by conservative group Turning Point.

“They brought me a chart, and it was a record, and it was so beautiful to see, and as I looked at it, I said, ‘Maybe we gotta keep this sucker around for a little while’,” he said.

Trump met with TikTok’s CEO on Monday. Trump said at a news conference the same day that he had a “warm spot” for TikTok thanks to his campaign’s success on the app.

The Justice Department has argued that Chinese control of TikTok poses a continuing threat to national security, a position supported by most U.S. lawmakers.

TikTok says the Justice Department has misstated the social media app’s ties to China, arguing that its content recommendation engine and user data are stored in the United States on cloud servers operated by Oracle Corp (NYSE:ORCL), while content moderation decisions that affect U.S. users are made in the United States.

This post appeared first on investing.com

You May Also Like

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com