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In an effort to save TikTok, President Donald Trump wrote on Truth Social that he would issue an executive order on Inauguration Day to reinstate the popular Chinese-owned social media platform for 90 days by extending the period before the law’s prohibition took effect.
Trump is proposing the art of a deal with the “United States to have 50% ownership in a joint venture. By doing this, we save TikTok, keep it in good hands, and allow it to stay up. Without U.S. approval, there is no TikTok. With our approval, it is worth hundreds of billions of dollars – maybe even trillions.”
Trump continued, “Therefore, my initial thought is a joint venture between the current owners and/or new owners whereby the U.S. gets a 50% ownership in a joint venture set up between the U.S. and whichever purchase we so choose.”
In order to comply with the bill signed by the previous administration and upheld by the Supreme Court, which requires a U.S. company to purchase TikTok, the U.S. will have 50% ownership as a part of the acquisition under President Trump’s new proposal.
The Chinese parent company, ByteDance, had over a year to facilitate a sale of the social media platform from various U.S. buyers, but TikTok was shut down for over 170 million American users on the evening of January 18.
In a surprising turn of events, TikTok issued a recent statement on January 19 that they are working to restore services in the U.S. thanks to President Trump’s efforts.
“In agreement with our service providers, TikTok is in the process of restoring service. We thank President Trump for providing the necessary clarity and assurance to our service providers that they will face no penalties [for] providing TikTok to over 170 million Americans and allowing over 7 million small businesses to thrive.” TikTokPolicy posted.
Despite TikTok’s national security and safety concerns, President Trump continues to advocate for free speech online for all U.S. users.
