Project Liberty Plans $20 Billion Acquisition of TikTok
Project Liberty, a nonprofit organization, is making headlines with its plans to acquire TikTok, backed by over $20 billion in investor interest. Founded by media mogul Frank McCourt, the initiative aims to promote user rights and data privacy in the digital space. With support from notable figures like Tim Berners-Lee, Project Liberty’s bid could reshape TikTok’s operations amid growing scrutiny over data security practices. As the investor roadshow approaches, the tech community watches closely for potential changes in the social media landscape.
ByteDance to Invest RM10 Billion in AI Hub in Malaysia
ByteDance, the parent company of TikTok, is investing RM10 billion in an AI hub in Malaysia, showcasing the country’s appeal for tech innovation. This move is set to boost Malaysia’s digital economy and drive advancements in the AI sector, solidifying its position in the global tech industry.
Kevin O’Leary Launches Crowdfunding Campaign to Acquire TikTok
Canadian investor and Shark Tank star, Kevin O’Leary, launches a crowdfunding campaign to acquire TikTok in response to potential US ban. O’Leary aims to protect user data and privacy, with reservations open for interested investors. Despite uncertainties, O’Leary’s project garners attention within investment and tech communities, setting a unique precedent in the race for ownership of the popular social media platform.
President Biden signs bill potentially forcing ByteDance to sell TikTok
President Joe Biden signs bill requiring ByteDance to sell TikTok to a non-foreign adversary buyer within 270 days or face a ban. Former Treasury Secretary Steve Mnuchin plans to lead a group of investors in a bid to acquire TikTok amidst concerns over national security and user data protection.
Senator Ron Wyden Criticizes Steven Mnuchin’s Bid to Acquire TikTok
Senator Ron Wyden criticizes former Treasury Secretary Steven Mnuchin’s bid to acquire TikTok, citing concerns over his ties to money from the Middle East. Mnuchin’s plans to lead a group of investors in purchasing the social media platform has raised bipartisan concerns, with Senator Wyden expressing apprehension about potential security risks and access to personal data. Reports indicate substantial investment from Saudi Arabia, Qatar, Kuwait, and the United Arab Emirates in Mnuchin’s fund, raising further questions about foreign influence.
TikTok Photos: The New Instagram Rival
TikTok Photos, a new app from the popular video-sharing platform, is set to rival Instagram in the realm of photo sharing. With seamless connectivity to TikTok, the app aims to fill the gap for dedicated photo sharing. Anticipation is mounting as users express excitement and concerns about the potential impact of ‘TikTok Photos’ on the social media landscape.
Legislation Advances to Mandate Sale of TikTok
Legislation mandating a sale of TikTok is moving forward, but divestiture by its Chinese parent company, ByteDance, is likely to prove challenging. The House approved the bill to ban TikTok unless ByteDance sells the app to a government-approved buyer, but the options for potential buyers would be limited. ByteDance would have to arrange a sale that guaranteed TikTok was not under the control of a foreign adversary within six months to avoid a ban, and the president would need to agree that the sale meets those conditions.
TikTok Experiences Slowdown in Growth Rate as User Base Matures
TikTok, the popular short-form video app, has experienced a significant slowdown in its growth rate, with a reverse trend observed in the U.S. during the final quarter of 2023. This decline is attributed to the transition of its core user base, who started using the app as teenagers and are now entering adulthood, where they are confronted with new responsibilities and time constraints. The changing demographics of TikTok’s user base are a key factor contributing to this trend, with a nearly 9% decrease in average monthly users among the 18-24 age group in the U.S. from 2022 to 2023.
House of Representatives Passes Bill Potentially Banning TikTok
The House of Representatives has passed a bill that could potentially result in a nationwide ban of the popular video app TikTok if its China-based owner fails to sell its stake. The bill, which was approved by a vote of 352-65, is now headed to the Senate for further consideration. President Joe Biden has expressed his willingness to sign the bill into law if it successfully clears the Senate. The move to target TikTok reflects the escalating tensions between the U.S. and China, with lawmakers framing the platform as a significant national security concern while also acknowledging its widespread popularity, particularly among younger demographics.
ByteDance CEO Criticizes Employees for Slow Reaction to Emerging Technologies
ByteDance, the parent company of popular social media platforms TikTok and Douyin, has recently made headlines as CEO Liang Rubo berated employees for their slow reaction to emerging technologies, specifically the OpenAI chatbot known as ChatGPT. During an internal meeting,…