- The US tentatively agreed to address national security concerns raised by Chinese video app TikTok just weeks before November’s midterm elections.
- The two sides feuded over a deal that would allow TikTok to change its data security and governance without prompting from its owner, the Chinese internet giant ByteDance Ltdto sell it The New York Times reports.
- TikTok wanted to make changes in three main areas. TikTok would only store its American data on servers in the US, likely operated by Oracle Corp ORCL. Second, Oracle will likely oversee TikTok’s powerful algorithms that determine the content recommended by the app. Eventually, TikTok would set up a panel of security experts reporting to the government to oversee its US operations.
- TikTok has struggled to keep going in the US without a major change in ownership structure.
- The Justice Department led the negotiations with TikTok and maintained concerns about China. The Ministry of Finance expressed doubts about the resolution of national security issues.
- US lawmakers and regulators have repeatedly raised concerns about TikTok’s ability to protect US users’ data from China. Former US President Donald J. Trump tried to force ByteDance to sell TikTok to a US company in 2020 and threatened to block the app.
- The White House was working on two other executive orders to address concerns about China. It would address fears that American investors are investing in Chinese companies. The second could give the government more power to take over apps that, like TikTok, could leak data to a foreign power.
- Pinterest Inc (NYSE: PINS) and TikTok were the only ones Platforms report annual growth in the third quarter. However, KeyBanc found that TikTok growth has slowed across all demographics.
- Beijing and Washington been at Disputes over allegations of national security threats and cyber-snooping.
- China alleged US secret service Agents hacked into a federally funded Northwestern Polytechnic…
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