The idea to force the company to divest itself of Chinese ownership first surfaced during the Trump administration, culminating in a deal for TikTok to sell its U.S. operations to Oracle in late 2020. At the time, TikTok also rejected an acquisition offer from Microsoft, though ultimately neither company succeeded and the strange arrangement fizzled after a series of successful legal challenges. The deal was shelved indefinitely when the Biden took office the following year, but in recent days the administration has picked up the languishing mission to force a sale. In rejecting the U.S. proposal, which the Committee on Foreign Investment in the U.S. (CFIUS) would spearhead, China is reiterated a point it made during the Trump administration. Further reading: TikTok CEO says China-based ByteDance employees still have access to some U.S. data.
Read more of this story at Slashdot.
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