President-elect Donald Trump announced on Sunday that he wants TikTok, the Chinese-owned short-form video app, to be at least 50% owned by U.S. investors.
Speaking at a rally in Washington the day before his inauguration, Trump explained that he would allow the app to continue operating in the U.S., but only if the United States holds a 50% stake in the company.
“Without approval, TikTok is worth nothing, zero,” Trump stated. “If you approve, it’s worth like a trillion dollars, some crazy number. I’m approving on behalf of the United States, so they’ll have a partner, and there’ll be a lot of bidders. The United States will be part of a joint venture.”
The app had been temporarily blocked for U.S. users on Sunday, following a new U.S. law requiring TikTok’s Chinese parent company, ByteDance, to either sell the app or face a ban.
TikTok resumed service after Trump, who was set to take office the next day, announced he would issue an executive order allowing the platform to remain active in the U.S.