TikTok on the brink of U.S. exit, final expectation of Trump

TikTok, a Chinese video-sharing platform that is on the verge of losing its business rights in the United States, is putting its last hope on President-elect Trump, the New York Times reported.

TikTok, whose parent company is Chinese company ByteDance, will have to sell its U.S. business rights by Jan. 19 next year, the day before Trump's inauguration, under the "TikTok Forced Sale Act" enacted in April.

TikTok's service in the U.S. will be banned if the sale is not made within the deadline.

The U.S. Congress has dealt with legislation to force TikTok to sell its business rights over concerns that user information gathered could pose a serious security threat if it flows to the Chinese Communist Party, and President Joe Biden signed it.

However, during his presidency in 2020, Trump, who ignited public opinion on TikTok's exit, reversed his previous position during the presidential campaign.

In a CNBC interview in March, Trump said he thought TikTok was a threat to national security, but said, "Banning TikTok would anger young people."

In addition, if the TikTok ban becomes a reality, Facebook, which is considered the biggest beneficiary, is defined as the "enemy of the people," and mentioned, "We cannot accept that Facebook could become bigger if TikTok disappears."

In the process, billionaire Jeff Yas, a major shareholder of ByteDance and a major Republican donor, reportedly convinced Trump himself that TikTok services should not be banned.

In particular, the investment company founded by Yas is said to have worked hard to target the Trump camp, hiring former White House senior adviser Kellian Conway as a lobbyist for TikTok.

However, Trump's side has never revealed any specific action plans or initiatives regarding the solution to the TikTok forced sale law.