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Illustration: Aïda Amer/Axios

The Trump administration plans to sign an order directing China-based ByteDance to divest its U.S.-based video sharing app TikTok, which is already in talks to be acquired by Microsoft, according to news reports Friday.

Why it matters: The U.S. since last year has been reviewing national security risks of ByteDance's control of TikTok, recently valued at $50 billion. This order would require ByteDance to cede majority control of TikTok, Bloomberg reports, citing people familiar with the matter. The order could come as early as Friday.

Context: The Trump administration has been casting a cold eye on Chinese companies operating in the U.S., with campaigns aimed at Huawei, ZTE and other technology firms. Lawmakers on both sides of the aisle have argued that TikTok is a national security risk.

Meanwhile: Microsoft is in talks to potentially buy TikTok, Fox Business' Charles Gasparino and the New York Times reported Friday.

  • Yes, but: The Trump administration is "deeply concerned" about such a deal, Gasparino tweeted, and would vet it extremely closely to ensure TikTok would retain no ties to Chinese investors.

Be smart: In general, Microsoft has been moving away from big consumer businesses, especially ad-funded ones, notes Axios' Ina Fried.

  • But Microsoft isn’t closed to consumer deals, especially if it sees them as foundational and capable of introducing a new generation of tech users to its ecosystem. Consider that the company’s first big acquisition under CEO Satya Nadella was the company behind Minecraft.

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).

2 hours ago - World

Coast Guard searches for 39 people after boat capsizes off Florida coast

A U.S. Coast Guard ship leaving its base in Miami Beach, Florida, in July. Photo: AP/Marta Lavandier

U.S. Coast Guard crews were searching into the night for 39 people whose boat sank off Florida's coast over the weekend after traveling from the Bahamas.

The big picture: A "good Samaritan" contacted the Coast Guard about 8 a.m. Tuesday to say they "rescued a man clinging to a capsized vessel" 45 miles east of Fort Pierce, per a tweet from the agency, which noted it was dealing with "a suspected human smuggling venture."

Scoop: Race to lead NRCC kicks off

Reps. Darin LaHood (left) and Richard Hudson. Photos: Al Drago/Getty Images (LaHood) and Chip Somodevilla/Getty Images

Reps. Richard Hudson (R-N.C.) and Darin LaHood (R-Ill.) are both telling colleagues they plan to run for chair of the National Republican Congressional Committee for the 2024 cycle, people familiar with the matter tell Axios.

Why it matters: Republicans are confident they'll win the House majority back this fall, and the early jockeying to lead the caucus' fundraising apparatus is just another indicator of their optimism.

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