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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).

1 hour ago - Health

India crosses 1 billion COVID vaccinations milestone

A health worker inoculates a COVID-19 vaccine dose to a man wearing face mask of Prime Minister Narendra Modi in Beawar, India, in September. Photo: Sumit Saraswat/Pacific Press/LightRocket via Getty Images

India's Prime Minister Narendra Modi announced Thursday that the country's health workers have now administered more than 1 billion COVID-19 vaccines doses.

Of note: While this is a significant milestone for the country of 1.4 billion, which has been devastated by the coronavirus, only about 30% of the eligible population has been fully vaccinated against the virus, per AP. Roughly 75% has received at least one dose.

Trump says he plans to launch new social media network in 2022

Photo: Chris Delmas/AFP via Getty Images

Former President Trump on Wednesday announced plans to launch a social media network called "Truth Social," and that it would go public via a SPAC.

Why it matters: Most ex-presidents are focused on their legacies, by creating presidential libraries or engaging in philanthropic endeavors. Trump, however, remains consumed by social media.