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TikTok, under the magnifying glass of the Trump government 1:26

Hong Kong (. Business) – Could a US acquisition of TikTok prevent it from blocking in the United States?

American investors are reportedly considering buying the video sharing app from Chinese parent company ByteDance in an effort to salvage TikTok’s sizeable presence in the United States.

LOOK: TikTok plans to create 10,000 jobs in the US, while the Trump government is considering banning it

A group of investors, including venture capital firms Sequoia and General Atlantic, are considering buying a majority stake, according to The Information and Financial Times (FT). Investors are talking to the U.S. Treasury Department and other regulators about whether a spin-off from TikTok would allay U.S. concerns about the company, according to the Financial Times newspaper, which cited unnamed sources.

The reports come as TikTok faces increased scrutiny in Washington. Tensions between the United States and China have increased as the two powers fight for trade, technology, national security, and human rights. ByteDance offers a very similar application called Douyin, with the same logo and brand as TikTok, in China. According to the FT, it would retain a minority stake in TikTok under the deal being discussed.

TikTok declined to comment Thursday on a possible sale to US investors, referring to an announcement earlier this month that ByteDance is weighing up changes to its corporate structure. The Wall Street Journal reported at the time that such changes could include establishing a headquarters for video enforcement outside of China, or a new board of directors.

US investors could buy TikTok 1:20

LOOK: TikTok, in the midst of a battle not to be blocked by the US

“We are confident in TikTok’s long-term success and will make our plans public when we have something to announce,” a TikTok spokesman said in a statement Thursday.

General Atlantic declined to comment. Sequoia did not respond to a request for comment outside normal business hours.

TikTok has been trying to distance itself from its Beijing-based owner for months.

TikTok hired Disney veteran Kevin Mayer as CEO in May. Its main office is in Los Angeles County and it has offices in London, Paris, Berlin, Dubai, Mumbai, Singapore, Jakarta, Seoul and Tokyo.

But for ByteDance to sell TikTok, the only major social media app created by a Chinese company, to gain significant traction globally, would be a big move. And it may not yet be enough to alleviate concerns in Washington, where lawmakers and US officials allege that TikTok poses a threat to national security because Beijing could use it as a spy tool. TikTok has denied those allegations.

MIRA: Instagram works to launch Reels, the TikTok competition, worldwide

Secretary of State Mike Pompeo and other US officials say they are considering banning TikTok. The United States House of Representatives voted to prohibit federal employees from downloading TikTok on government-issued devices. And President Donald Trump’s reelection campaign is currently running Facebook ads criticizing the app.

The ads state that “TikTok is spying on you” and link to a poll and record on a Trump campaign mailing list asking if TikTok should be banned in the United States.

Wells Fargo has instructed its employees to remove the app from company devices. And TikTok is also under pressure in other countries.

The company pulled out of Hong Kong earlier this month after China imposed a controversial national security law on the city. Last month, India banned TikTok along with several other popular Chinese apps, amid mounting tensions with China. The app also faces increased scrutiny in Australia, according to . affiliate 9 News Australia.

News Source: cvbj.biz

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‘Clueless’ investors just keep driving this ‘stupidly bullish’ stock market higher, CNBC’s Jim Cramer says

Frank Warren proposes potential Queensberry vs. Matchroom series to Eddie Hearn Viral Photos Shows Maskless Kids At Georgia School Reopening ‘Clueless’ investors just keep driving this ‘stupidly bullish’ stock market higher, CNBC’s Jim Cramer says KEY WORDS © MarketWatch photo illustration/Getty Images, iStockphoto ‘Sometimes the market rallies and it makes perfect sense. Then there are days like today, when I can’t take how stupidly bullish this market can be.’ —

That’s CNBC “Mad Money” host Jim Cramer shaking his head at ‘clueless’ investors who ignored multiple warning signs to buy up stocks during Tuesday’s bullish trading action.

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“Never underestimate the power of enthusiastic buyers who do not know what they’re doing,” he said after the Dow Jones Industrial Average (DJIA) finished the session with a triple-digit gain. The S&P 500 (SPX) and Nasdaq Composite (COMP) also ended higher.

He specifically pointed to gains for oil giant BP (BP) and biopharma firm Sorrento (SRNE) as examples of misfires. There’s “plenty of stupidity,” he said, “especially during earnings season when there’s so much news that it’s hard to keep track of what’s going on.”

BP’s surge, in particular, didn’t sit right with Cramer, who said it might be the “dumbest action” so far this year. “Not only are they telling you business is terrible, BP is trying to distance itself from crude while preserving cash, but maybe that dividend hike was a mistake,” he said.

Watch the full segment:

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As for Wednesday’s session, more stupidity? The Dow was up more than 200 points, at last check, while both the S&P and Nasdaq were adding to recent gains, as well.

“Are any of these moves the fault of the Fed?” Cramer wrote in a separate take. “No, the fault, as Cassius tells us, is not in our stars like Trump or Powell, but in the buyers themselves.”

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