President Trump to Make China’s ByteDance to Sell TikTok in the U.S.

Posted on 07/31/2020


U.S. President Donald Trump plans to announce a decision to mandate China’s ByteDance Ltd. to divest its ownership of TikTok, a popular video app. ByteDance acquired the popular Musical.ly video app for nearly US$ 1 billion in 2017 and rebranded it as TikTok. Both apps of Musical.ly and TikTok were made in China, but Musical.ly became a hit in the U.S. and Europe, while TikTok was a hit in Asia. ByteDance then moved to rename Musical.ly to TikTok. Before these apps, Bytedance had mega success of its news aggregation app Toutiao.