Feb 11, 2021 - Economy & Business
White House hits pause on TikTok talks
The Biden administration reportedly paused negotiations with China's ByteDance about spinning out TikTok's U.S. operations into an independent entity.
Why it matters: This is part of a wider White House review of Trump-era policies toward Chinese tech companies, some of which had bipartisan support.
- Biden never took a public position on the TikTok situation while campaigning, but last July did instruct his staff to remove the app from their phones.
Details: Under terms of the discussed TikTok deal, ByteDance would remain a TikTok shareholder, alongside several venture capital firms, Oracle and Walmart.
- The administration also asked a federal judge to delay litigation that would ban TikTok in the U.S. if the spinout did not happen.
Bottom line: Beijing and ByteDance seemed to be waiting out Trump. It might have worked.