TikTok mulls splitting from ByteDance if proposal with U.S. fails – Bloomberg News

(Reuters) -China’s TikTok may separate from ByteDance parent to address U.S. security concerns, Bloomberg News reported Tuesday, citing sources familiar with the matter.

Bloomberg reported that a divestiture, which could lead to a sale of initial public offerings, is considered a last resort. This will only happen if the company’s current proposal with U.S. officials doesn’t get approved.

Reuters did not receive immediate comment from TikTok or ByteDance.

The Committee on Foreign Investment in the United States (CFIUS), which is reviewing the short-form app, is conducting a national safety review. Last year, it agreed to implement a few measures under the Plan. “Project Texas”In an effort to appease hostile lawmakers,

According to the report, CFIUS has stopped its process. This leaves TikTok uncertain if its plans are sufficient to continue operating within the country.

According to the Justice Department, members of CFIUS were reluctant to accept TikTok’s offer.

TikTok is used by over 100 million Americans. There are growing concerns that user data may end up in China’s hands, undermining Western security interests. Next week, Shou Zi Chew, TikTok’s Chief Executive, will appear before Congress.

CFIUS is a powerful national security organization that had recommended that ByteDance divest TikTok in 2020. This was because it was concerned that user data might be handed on to China’s government.

CFIUS and TikTok have been in negotiations for over two years about data security requirements. TikTok denies any spying claims and has stated that it has spent more $1.5 billion in data security.

(Reporting by Eva Mathews, Bengaluru; Editing By Devika Syamnath

The February consumer price index report has been released. It shows that inflation is up 6% compared to last year.

California Governor Gavin Newsom said he has a multi-million-dollar deal with Walgreens regarding abortion pills.

Rep. Steve Toth

Alex Bruesewitz

By Kanishka Singh WASHINGTON (Reuters) -The U.S. Securities and Exchange Commission said on Tuesday that IT services firm DXC Technology had made…

LAGOS (Reuters) – Nigeria launched a $672 million fund on Tuesday to support tech and creative sectors for young investors who struggle…

By Jeffrey Dastin (Reuters) -The startup OpenAI on Tuesday said it is beginning to release a powerful artificial intelligence model known as…

SHANGHAI (Reuters) – Tesla Inc Chief Executive Elon Musk and Chinese electric vehicle and battery maker BYD Co Ltd on Tuesday denied…