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Former President Donald Trump has announced a potential plan to acquire a significant stake in popular social media platform TikTok using the newly ordered sovereign wealth fund.
According to sources familiar with the matter, Trump’s team has been exploring the possibility of using the recently established sovereign wealth fund to invest in TikTok, which is currently owned by Chinese parent company ByteDance. The potential deal would reportedly see Trump or his affiliates acquire a substantial stake in the platform, potentially giving him significant influence over its operations.
The development comes as tensions between the US and China continue to escalate, with many calling for greater scrutiny of foreign-owned companies operating in the country. Critics have raised concerns about the national security implications of allowing Chinese companies to maintain control over platforms like TikTok, which has a massive following among American teenagers.
While the deal is still in its early stages, sources suggest that Trump’s team may be using the sovereign wealth fund as a vehicle to gain a significant stake in TikTok. The fund, established by Trump in his final days in office, was initially intended for use in supporting infrastructure projects and other domestic initiatives.
However, it remains unclear whether the deal would ultimately go through or what the terms of such an acquisition would entail. In response to inquiries about the matter, representatives for both Trump and ByteDance have declined to comment.
The proposed deal has sparked significant speculation among industry observers and investors, with many questioning the motivations behind Trump’s potential move. Some have expressed concern that the former president may be seeking to leverage his influence over the platform to further his own political interests or those of his allies.
Others have pointed out the potential national security implications of a US-based investor – whether directly or indirectly linked to Trump – gaining significant control over TikTok, which has been accused of censoring content and sharing user data with Chinese authorities.
As the situation continues to unfold, it remains to be seen what the outcome will be.
Source: http://www.billboard.com
