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Illustration: Sarah Grillo/Axios

President Trump "has a deal on his desk," whereby Microsoft would lead an acquisition of 100% of the U.S. operations of TikTok, according to a source familiar with the negotiations.

Why it matters: Trump Friday night said he plans to ban TikTok, as India has done, over concerns that the app could be sharing U.S. user data with the Chinese government.

What we know: U.S. presidents don't typically have approval or veto power over merger agreements. But this situation is different because of the involvement of the Committee on Foreign Investment in the U.S. (CFIUS), which has been reviewing ByteDance's 2017 acquisition of U.S. app Musical.ly and eventually merged with TikTok.

What we don't know: It is unclear whether the Microsoft offer involves participation in ByteDance from U.S.-based venture capital investors, some of which reportedly have had interest in helping carve 0ut TikTok.

  • It also remains uncertain exactly what Trump's "ban" threat entails, or under what legal argument he'd block a Microsoft acquisition.

My thought bubble: Microsoft was not among the Big Tech companies called to testify earlier this week in front of a House committee focused on antitrust, thus perhaps giving it more acquisition flexibility than a more natural TikTok owner like Facebook or Google.

Go deeper

Dan Primack, author of Pro Rata
Nov 6, 2020 - Economy & Business

Chinese short-video and live streaming app KuaiShou files for IPO

Illustration: Sarah Grillo/Axios

KuaiShou, a Chinese short-video and live streaming app, filed for a Hong Kong IPO that reportedly will seek to raise $5 billion.

Why it matters: This reflects the booming market for TikTok-style services in China, as KuaiShou claims to have over 300 million daily users. Its rivals include Douyin (ByteDance's Chinese version of TikTok) and Nasdaq-listed Bilibili (which, like KuaiShou, includes Tencent and Alibaba as shareholders).

The hard math behind America's labor shortage

Data: Bureau of Labor Statistics, Congressional Budget Office; Chart: Axios Visuals

Yes, the pandemic has created unusual temporary labor market dynamics. But in the bigger picture, the 2010s were a golden age for companies seeking cheap labor. The 2020s are not.

The big picture: In the 2010s, the massive millennial generation was entering the workforce, the massive baby bo0m generation was still hard at work, and there was a multi-year hangover from the deep recession caused by the global financial crisis.

Advocates fret Roe v. Wade's 49th anniversary could be its last

Photo: Leigh Vogel/Getty Images for Women's March Inc

As Saturday marks the 49th anniversary of Roe v. Wade, the Supreme Court's landmark decision that legalized abortion access in the U.S., advocates warn the ruling is "more at risk now than ever."

The big picture: The Supreme Court in December heard a challenge to a Mississippi 15-week abortion ban that could throw Roe's survival into question, or at least narrow its scope.