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China’s ByteDance Prepared to Divest 100% of TikTok in U.S. (1)

Aug. 1, 2020, 5:04 PM

China’s ByteDance Ltd. is prepared to sell 100% of TikTok’s U.S. operations as a way to head off a proposed ban on the music-video app by President Donald Trump, said two people with knowledge of the situation.

Details of the proposed transaction weren’t immediately known after the parties worked through the night to find an acceptable resolution. The White House had no immediate comment.

Trump said late Friday he plans to ban TikTok from the U.S. following concerns about data collection by the popular app, and suggested a move could come as soon as Saturday.

ByteDance is now waiting...

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