0:00:00: Now let's take a look the latest on TikTok. The social media app has vowed to fight a new law
0:00:05: which could see it sold or banned in the United States. The bill gives TikTok's Chinese owner
0:00:11: ByteDance nine months to sell its stake or the app will be blocked in the United States
0:00:16: where it has some 170 million users every month. TikTok says it'll challenge the move in court.
0:00:22: Its chief executive had this to say on TikTok of course.
0:00:26: Make no mistake this is a ban. A ban on TikTok and a ban on you and your voice. Politicians may
0:00:33: say otherwise but don't get confused. Many who sponsored the bill admit a TikTok ban is the
0:00:39: ultimate goal. TikTok has huge reach as we mentioned across the U.S. it has 170 million users and 40%
0:00:46: of those say it's their regular source of news. There are concerns among politicians that the
0:00:52: Chinese authorities could misuse their data. TikTok has consistently denied sharing information
0:00:58: with the Chinese government. Its chief executive has been grilled by lawmakers twice in less than
0:01:03: a year. I'm making the following commitments to you and to all our users. Number one we will keep
0:01:10: safety particularly for teenagers as a top priority for us. Number two we will firewall protected U.S.
0:01:18: data from unwanted foreign access. Number three TikTok will remain a place for free expression
0:01:25: and will not be manipulated by any government. The U.S. is not the only country taking action.
0:01:32: India is the largest country to place a blanket ban on the app. It also banned 58 other Chinese
0:01:37: apps. Other countries have banned TikTok on government-owned devices like Australia and
0:01:42: Canada. In the U.K. the British government banned ministers from using it. Staff from the European
0:01:48: Commission and the NATO alliance are not allowed to have TikTok on their work phones. Well earlier
0:01:54: we spoke to Paresh Dave, senior writer at Technology Magazine Wired, who talked through
0:01:59: what companies might be interested in buying TikTok. Certainly a company like Microsoft has
0:02:03: expressed interest in TikTok before. They really want to get deeper into the social media game.
0:02:09: Oracle has tied up with TikTok over the last couple of years, but mostly to
0:02:16: tout that its cloud services are legitimate. It doesn't seem like they're really a legitimate
0:02:21: buyer, but maybe a bunch of private equity funds could team up and pool together money.
0:02:26: I also wouldn't rule out that Elon Musk, even though Tesla stock has been sinking,
0:02:33: perhaps he could, you know, make a run for TikTok as well. I wouldn't rule it out.
0:02:37: But the thing to keep in mind about a sale is that the Chinese government has the ability to
0:02:42: veto a sale here because they've put ByteDance, which is TikTok's owner, they've put their
0:02:48: technology on the export control list. So it's our understanding that China could veto any
0:02:53: sale. And it's unlikely they would want to approve a sale under these circumstances.
0:00:00: Now let's take a look at the latest news about TikTok. The social media app has promised solemnly to oppose a new law.
0:00:05: This law could lead to the sale or banning of TikTok in the United States.
0:00:11: ByteDance, TikTok's Chinese owner, has nine months to sell its share, or the app will be prevented from operating in the U.S.
0:00:16: TikTok has around 170 million users every month in the United States and plans to challenge the law in court.
0:00:22: The CEO of TikTok made a statement regarding the situation.
0:00:26: He emphasized that this is indeed a ban on TikTok and its users.
0:00:33: Despite what politicians may say, the ultimate goal is to ban TikTok.
0:00:39: TikTok has a vast reach in the U.S., with 170 million users, and 40% consider it their primary news source.
0:00:46: There are concerns among politicians about potential misuse of data by Chinese authorities.
0:00:52: TikTok has consistently denied sharing information with the Chinese government.
0:00:58: The CEO has faced intense questioning by lawmakers twice in less than a year.
0:01:03: He has made commitments to prioritize safety, protect U.S. data, and ensure free expression on TikTok.
0:01:10: Other countries, such as India, have also taken action against TikTok due to similar concerns.
0:01:18: TikTok is facing scrutiny globally, with bans on government-owned devices in various countries.
0:01:25: The U.S. is not alone in addressing the TikTok issue.
0:01:32: India has implemented a comprehensive ban on the app and other Chinese applications.
0:01:37: Several countries have restricted TikTok's usage on official devices.
0:01:42: In the U.K., ministers are prohibited from using TikTok, and similar restrictions apply in other organizations.
0:01:48: The concerns about TikTok's ownership have led to restrictions in various sectors.
0:01:54: Experts speculate on potential buyers for TikTok, with companies like Microsoft and Oracle showing interest.
0:01:59: The sale of TikTok is a complex matter due to regulatory challenges and geopolitical considerations.
0:02:03: Companies like Oracle have collaborated with TikTok in the past, but the sale remains uncertain.
0:02:09: Private equity funds could potentially join forces to acquire TikTok.
0:02:16: Elon Musk's interest in TikTok is also a topic of discussion, despite his focus on Tesla.
0:02:21: The Chinese government's involvement could impact any potential sale of TikTok.
0:02:26: China's export control list includes ByteDance, giving them the authority to veto any sale.
0:02:33: The approval of a TikTok sale under these circumstances is unlikely, considering China's stance on the matter.