Sen. Rand Paul, R-Ky., joins Wall Street's Maria Bartiromo for a wide-ranging interview.
Since there were rumors on Monday that China is looking to own the X Buy TikToka representative of the latter said it was “pure fiction”.
Bloomberg reported on Monday that Chinese authorities are considering an option to buy Musk's U.S. operations of TikTok before the platform is banned in the U.S., “according to people familiar with the matter.”
Beijing officials would prefer that TikTok's parent company, ByteDance, continue to own TikTok, the publication wrote, as the company challenges the impending ban by appealing to the US Supreme Court.
On Friday, the Supreme Court heard oral arguments on the future of TikTok.
'Make TikTok awesome again': Kevin O'Leary explains his plan to save the social media platform
WASHINGTON (Reuters) – A U.S. federal appeals court on Friday upheld a rule requiring China-based ByteDance to divest its popular short-form video app TikTok in the United States early next year, or face a ban. will be faced (Reuters/Dado Rovic/File photo/Reuters)
Attorneys for the Biden administration reiterated their argument Friday that Chinese ownership of TikTok poses a “severe” national security risk to American users.
At the end of oral arguments, it was unclear how the Supreme Court might proceed in the case — though a ruling or order is expected before the Jan. 19 ban takes effect.
Under the scenario discussed by Chinese officials, Bloomberg said X It is run by a maskbuys and controls TikTok US. In doing so, TikTok can be an asset when trying to attract advertisers as it has more than 170 million users in the US. TikTok, the publication reported.
Supreme Court Looks Doubtful of Blocking US Ban on TIKTOK: What You Need to Know
SpaceX and Tesla founder Elon Musk speaks at the America PAC Town Hall on Oct. 26, 2024 in Lancaster, Pa. Musk has contributed more than $75 million to the America PAC. (Samuel Korum/Getty Images/Getty Images)
Those familiar with the discussion claim the talks are preliminary and no decision has been made on how to proceed.
When asked about the controversy, TikTok told Fox Business, “We can't be expected to comment on pure stories.”
TikTok faces a potential ban due to a law protecting Americans from applications controlled by foreign adversaries. Law signed by President Biden which was passed in Congress last April with the approval of two parties. Until midnight on January 19, the app can be removed from US-based app stores unless it is divested from its parent company.
U.S. President Joe Biden speaks during the National Association of States Legislative Conference in Washington, DC, U.S., Monday, Feb. 12, 2024. Biden's re-election campaign has launched a TikTok account in an effort to reach young voters. (Chris Kelponis/CNP/Bloomberg via Getty Images/Getty Images)
TikTok has met with disagreement It is a company based in China and is said to be used as spyware for the Chinese Communist Party. Legislators on both sides of the aisle have warned about The potential national security threat TikTok apparently poses through US phones.
This week, “Mr. Awesome” Kevin O'Leary announced that he is teaming up with Project Liberty founder Frank McCourt to buy the platform's US assets from its parent company, ByteDance, and “rebuild the platform in a way that . Prioritizes privacy of its 170 million American users.”
If their bid to acquire the social media platform is successful, O'Leary explained how they would change the platform to better align with US interests.
In addition to giving users ownership of their data and removing “Chinese spyware,” the investor emphasized that TikTok has the potential to “grow past 200 million” by gaining user trust from its current 170 million users.
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The investor also said how he plans to bring countries like India, Switzerland, France, Canada and Germany into the platform after making these changes.
“It's going to be the biggest TV network in the world within two years,” O'Leary said of TikTok's growth potential.
FOX Business' Kira Mautone contributed to this report.