President Trump wishes to deny China some of the proceeds from the sale of ByteDance’s US operations of its video-sharing app TikTok, White House economic adviser Larry Kudlow said Wednesday. Though it would be unusual for any company that acquires TikTok to provide funds to the US Treasury.
“Well he has said that,” Mr. Kudlow told reporters when asked about President Trump’s demand that part of the proceeds from the TikTok sale he has ordered go to the US Treasury.
“I acknowledge that it’s unusual. The President has his own mind on some of these things,” Mr. Kudlow said.
“I do not know whether that will end up being the case when the Treasury gets its bids in from potential bidders. But the President has said that. I think he probably would like to deny China some of the proceeds of the TikTok sale,” Mr. Kudlow added.
President Trump ordered ByteDance last week to divest TikTok’s US operations within 90 days, the latest effort to ramp up pressure on the Chinese company over concerns about the safety of the personal data it handles.
President Trump has said he would support an effort by Microsoft Corp (NASDAQ:MSFT) to buy TikTok’s American operations if the US government gets a “substantial portion” of the proceeds, but has also said there are other interested potential buyers, and has acknowledged Larry Ellison’s Oracle bid.
Oracle Corp (NYSE:ORCL) has joined some of the investors of TikTok’s Chinese owner ByteDance in pursuing a bid for the app’s operations in North America, Australia and New Zealand.
Tick Tock, the clock is ticking…
Have a healthy day, Keep the Faith!