TikTok will go dark in US if China doesn't OK sale before Trump's deadline: Lutnik
Lutnick, speaking on CNBC, also said the US must control the algorithm that makes the social media platform work.
Last month, President Trump extended by 90 days to Sept. 17, a deadline for China-based ByteDance to divest the US assets of TikTok. Trump's action took place despite a 2024 law that mandated a sale or shutdown by Jan. 19 of this year if there had not been significant progress.
Commerce Secretary Howard Lutnick warned TikTok will go dark in the US if China doesn't approve a sale to American investors.
REUTERS
'China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm,' Lutnick said.
'If that deal gets approved, by the Chinese, then that deal will happen. If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon.'
TikTok did not immediately comment.
A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods.
Trump has three times granted reprieves from federal enforcement of the law that mandated the sale or shutdown of TikTok that was supposed to take effect in January.
A deal had been in the works this spring that would spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors.
REUTERS
Attorney General Pam Bondi sent letters to Apple, Google and other companies that provide services or host the TikTok app that were made public this month.
The letters said the Justice Department was irrevocably relinquishing any claims against the companies for potential violations of the law, citing Trump's determination that an abrupt shutdown would interfere with his overseeing national security and foreign affairs.
Some Democratic lawmakers argue Trump has no legal authority to extend the deadline and suggest the deal under consideration would not meet legal requirements.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
2 minutes ago
- Business Insider
Pioneer Realty Capital Secures 19.58 Million Dollars Bond Refinancing for Texas Student Housing Project
Pioneer Realty Capital, LLC ('PRC'), a distinguished Texas-based advisory firm specializing in commercial real estate capital markets, proudly announces the successful completion of its inaugural institutional bond refinancing transaction. The sophisticated deal secured $19.58 million in taxable bond funding for 625 at Prairie View, a premier student housing community strategically located adjacent to Prairie View A&M University. This landmark refinancing marks a critical milestone for both PRC and the PRC Equity Fund, underscoring the firm's robust capacity to structure and execute complex, institutionally-backed financing solutions within the higher education real estate sector. The transaction ensures long-term financial sustainability for the property, safeguards investor interests, and provides essential capital momentum for the forthcoming Phase II expansion, anticipated to introduce over 700 additional student beds to accommodate growing demand. Charles Williams, Founder and Managing Member of PRC, emphasized, 'This transaction was about more than merely securing financing—it was a strategic endeavor to preserve investor value and fortify the future of a pivotal housing development dedicated to supporting students from historically underserved communities.' Strategic Execution Amidst Complexities The PRC leadership team, in collaboration with capital markets partners, adeptly navigated regulatory intricacies, procedural hurdles, and stringent time constraints to achieve a timely and efficient closing. Morgan Stanley served as lead underwriter for the bond issuance, supported by Norton Rose Fulbright as legal counsel, Orrick providing bond and trustee counsel, and closing coordination by M&W Law and Stewart Title. Wilmington Trust effectively managed trustee responsibilities Special recognition is extended to Osaze Romany of Morgan Stanley for his exemplary dedication and instrumental role in the transaction's success. Additional critical support was provided by J.C. Shelley and Joeylene Hunggay, who meticulously managed time-sensitive investor waivers, and Elliot Williams, whose proactive intervention ensured lien clearance through personal delivery of documents to the Waller County Courthouse immediately preceding the closing. Demonstrating Commitment and Resilience This successful transaction serves as a definitive response to skeptics questioning the project's viability. Williams noted, 'Throughout the process, the challenges we encountered were substantial. Yet, we remained disciplined, steadfast, and unwaveringly committed to our core mission. This closing represents a collective victory, achieved through integrity, diligence, and collaboration by every stakeholder invested in our vision.' About Pioneer Realty Capital Founded in 2003, Pioneer Realty Capital is a premier Texas-based advisory firm, distinguished by its extensive expertise in structuring debt and equity solutions across national commercial real estate markets. Through the PRC Equity Fund, the firm provides investors with access to institutionally-backed real estate opportunities, specializing in student housing initiatives and public-private community partnerships. Charles Williams
Tom's Guide
4 minutes ago
- Tom's Guide
Millions of Dell laptops at risk of attack due to security chip flaw — update your PC right now
Millions of Dell laptops were vulnerable to attack that would have let potential hackers steal sensitive data and monitor activities thanks to a chip flaw. As reported by Reuters, Dell has released a fix to address a vulnerability which impacts a chip in many of its laptops that stores biometric data, passwords, security codes and more. The flaw was first discovered by researches at Cisco Talos. Dell apparently validated this analysis in a June security advisory in which it explained that the flaw affects more than 100 models of the company's laptops. Fortunately, no one has found indications that the flaw has been exploited in the wild, according to Cisco's researchers. Apparently, Dell issued security patches for the issue starting in March and then into April and May. The Reuters report says the vulnerable chip was the Broadcom BCM5820X which Dell was using in its 'ControlVault' software. Reuters does note that the laptops using that software are more likely to be used in industries handling sensitive information as it's designed to offer heightened security features. A Dell spokesperson told Reuters that it addressed the flaw "quickly and transparently." 'As always, it is important that customers promptly apply security updates that we make available and move to supported versions of our products to ensure their systems remain secure,' the spokesperson said. Get instant access to breaking news, the hottest reviews, great deals and helpful tips. This vulnerability does highlight some of the downsides to keeping biometrics and other sensitive information on your laptop, even with on-device security that is more common today. Fortunately, there are ways to stay safe in addition to installing the latest security patches. For instance, we've put together a list of 12 mistakes that you should avoid making with your computer. Relevant to today's news, you should make sure you keep your software up to date, especially security patches. Many people don't update out of an unwillingness to interrupt tasks or fear of new bugs and flaws. However, keeping your system updated will help make sure you don't have giant holes in your system. Many of these updates can be automated or scheduled, so make sure you don't avoid them and leave your machine vulnerable. Likewise, it's always a good idea to make sure that your laptop and other devices are protected against malware and other threats by using one of the best antivirus software suites. Follow Tom's Guide on Google News to get our up-to-date news, how-tos, and reviews in your feeds. Make sure to click the Follow button.
CNBC
5 minutes ago
- CNBC
CNBC Daily Open: Little sign of Trump shifting gears in his interview
U.S. President Donald Trump joined CNBC's "Squawk Box" Tuesday for a lengthy interview that touched on tariffs, the Federal Reserve, the state of Russia's economy and being rejected as a customer by JPMorgan Chase and Bank of America. For those pressed for time and want a very broad TL;DR: Trump appears to be digging in on his policies. With modified country-specific "reciprocal" tariffs due to start Aug. 7 — and duties on India to be raised within the next 24 hours, according to Trump's comments during the interview — the Trump administration seems to be turning its attention to sectoral ones. Trump told CNBC that he will announce his tariff plan for semiconductors "within the next week or so." Additionally, he will impose "a small tariff" on pharmaceutical imports before ratcheting it up to 250% within a year and a half. The U.S. president doesn't look like he's backing down from his feud with the central bank, either. Days after the Fed chose to hold interest rates, Trump discussed his potential candidates to replace Jerome Powell as Fed chair. While Treasury Secretary Scott Bessent has taken himself out of consideration, among possible contenders are former Governor Kevin Warsh and Kevin Hassett, the National Economic Council director. "Both Kevins are very good," Trump said. Whichever Kevin — or "other people that are very good, too," in Trump's words — assumes the role when Powell's term ends in May 2026 (or is truncated earlier, depending on Trump's moves), they would have to help prop up an economy that seems to be slowing, as indicated by July's startling jobs report and ISM Services index. Semiconductor tariffs in the works. In an interview with CNBC, Trump said he will announce new tariffs on semiconductors as soon as next week. He also said he'd impose a "small tariff" on pharmaceuticals before raising it to as high as 250%. OpenAI is in talks that value it at around $500 billion. According to two sources with knowledge of the matter, OpenAI is discussing a potential secondary sale of stock by current and former employees. Its last funding round valued the company at $300 billion. India's central bank holds rates at 5.5%. The Reserve Bank of India's decision came in line with expectations from a Reuters poll of economists, and was unanimous, according to RBI Governor Sanjay Malhotra. Major U.S. stock indexes pull back. Stocks retreated Tuesday on ISM data that indicated the services sector nearly shrank in July. Asia-Pacific markets traded mixed Wednesday, with Asian chip stocks falling on Trump's semiconductor tariff threats. [PRO] Topping expectations might not be enough. Even though the S&P 500 is on track for second-quarter earnings growth of almost double digits, compared with a year earlier, investors are giving a muted response, according to Goldman Sachs. War-weary Syria will be hurt further by Trump's 41% tariff rate — the highest on earth In May, speaking to a rapt crowd in the Ritz-Carlton Riyadh, U.S. President Donald Trump stunned listeners by announcing he would be ordering the full lifting of U.S. sanctions on Syria, many of which had been in place for decades. "Now, it's their time to shine ... Good luck Syria," Trump said. Less than three months later, the Trump administration hit Syria with the highest tariff rate of any country in the world: 41%.
