Summary
President Trump approved a partial sale of TikTok's U.S. operations, requiring the company to pay the federal government a substantial fee. Experts criticized this move, comparing it to a business practice where the government makes money from transactions. Several well-known investors agreed to the payment.
Key Facts
- President Trump signed an order for a partial sale of TikTok's U.S. operations.
- The sale follows a 2024 law requiring ByteDance, TikTok's parent company, to sell or face a ban.
- U.S. investors, including prominent figures like Larry Ellison, agreed to pay the government a "low billions" fee.
- Some experts criticized the government's request for payment, calling it similar to charging a finders' fee.
- Other business deals by Trump's administration involved collecting payments or securing stakes, including with tech companies and other industries.
- The TikTok sale is part of broader U.S. and China trade and business tensions.
- The White House did not comment on the transaction's specifics.
