Latest news with #ByteDanceLtd.
Bloomberg
02-05-2025
- Business
- Bloomberg
TikTok Fined €530 Million for Illegally Sending EU Data to China
TikTok owner ByteDance Ltd. was fined €530 million ($600 million) by the European Union for illegally sending user data to China, warning the firm it didn't do enough to keep information out of reach from Chinese state services. Ireland 's Data Protection Commission, the company's main regulator in Europe, said TikTok infringed the bloc's rulebook with the data transfers and gave it six months to suspend all illegal transfers.
Bloomberg
28-04-2025
- Business
- Bloomberg
AI Startup Nscale Chases ByteDance Deal and $1.8 Billion in Debt
Nscale, a startup that is less than a year old, is already trying to raise about $2.7 billion to build artificial intelligence infrastructure on the back of a pending partnership with ByteDance Ltd., the Chinese owner of TikTok, according to an offering document seen by Bloomberg. The money, if Nscale follows through with the proposal, would allow the London-based company to build out data centers around the globe — filled with Nvidia Corp. chips — that would be rented out by companies such as ByteDance, in order to train and operate their AI models.
Bloomberg
07-04-2025
- Business
- Bloomberg
Trump Delayed the US TikTok Ban Again. What's Next?
One of the first actions President Donald Trump took at the outset of his second presidency was granting a stay of execution for TikTok. Two and a half months later, he granted a second. Under a law passed by Congress in 2024, the popular video app was facing a nationwide ban starting Jan. 19 after its Chinese parent company, ByteDance Ltd., failed to divest the app's US operations to ease national security concerns. But a day later, Trump intervened, signing an executive order designed to delay enforcement of that law and give ByteDance more time to find a buyer. On April 4, a day before the ban was to take effect again, he signed a second executive order extending the deadline an additional 75 days.
Japan Times
07-04-2025
- Business
- Japan Times
Trump says China tariff objections stalled TikTok deal
China's objections to new U.S. tariffs stalled a deal to sell off TikTok and keep it operating in the U.S., President Donald Trump said Sunday. "We had a deal pretty much for TikTok — not a deal but pretty close — and then China changed the deal because of tariffs,' Trump told reporters on Air Force One as he returned to Washington after a weekend of golf in Florida. "If I gave a little cut in tariffs they would have approved that deal in 15 minutes, which shows the power of tariffs.' Trump administration officials, including Vice President JD Vance and National Security Advisor Mike Waltz, have been working on an agreement to sell the popular social media app, owned by ByteDance Ltd., to an American buyer, as required by a bipartisan law enacted in 2024. But China also needs to sign off on the plan. Before Trump announced widespread tariffs on Wednesday, a deal was reportedly close, advanced by a consortium of U.S. investors including Oracle Corp., Blackstone Inc. and venture capital firm Andreessen Horowitz. But that agreement was not publicly announced, and according to Trump China's objections impeded a pact. The Washington Post reported earlier that Trump's moves to heighten tariffs on China stalled the talks. Trump had said he would be willing to cut a deal with China to lower tariffs if the country agreed to a TikTok sale. Under the 2024 law, ByteDance was required to divest TikTok's U.S. unit by Jan. 19, but the company has balked at selling a lucrative business, which has been valued from $20 billion to as high as $150 billion. Trump previously extended the divest-or-ban requirement, and on Friday signed another 75-day extension.
Bloomberg
04-04-2025
- Business
- Bloomberg
Trump's TikTok Plan Upended by Chinese Objections Over Tariffs
President Donald Trump had nearly clinched an agreement with TikTok's Chinese owner ByteDance Ltd. that would spare the popular app from a US ban, but the deal was scuttled after China withheld its approval following this week's tariff announcement, according to a person familiar with the matter. After months of negotiations, US officials were close to an accord Wednesday that would launch a new US-based version of TikTok owned and operated by a majority of American investors, according to the person. The proposal called for reducing ByteDance's holdings below 20% to comply with a US law requiring the Beijing-based company to divest its TikTok stake or see the app banned in the US.
