'TikTok is back': Trump claims US will have 'joint venture' with app owner

President Donald Trump said that the U.S. now has a stake in TikTok. 

While speaking at his victory rally in Washington, D.C. Sunday, Trump said that he proposed a "joint venture" with TikTok's China-based parent company ByteDance. 

"As of today, TikTok is back," Trump said at the rally. 

What we know:

TikTok restored service to U.S. users on Sunday, just hours after the popular video-sharing platform went dark in response to a federal ban, which President-elect Donald Trump said he would try to pause by executive order on his first day in office, the Associated Press reports

Trump said that he plans to issue an executive order that would give ByteDance more time to find an approved buyer before the popular video-sharing platform is subject to a permanent ban in the U.S.

The law gives the sitting president authority to grant a 90-day extension if a viable sale is underway. Although investors made a few offers, ByteDance previously said it would not sell. In his post on Sunday, Trump proposed making the U.S. a partner in a deal. He then doubled-down on his statements while speaking from Capital One Arena. 

"I'll approve but let the United States of America own 50% of TikTok," the president-elect said. "And the United States will do what we call a ‘joint venture.’"

Trump added that "whether you like TikTok or not," the deal he is proposing will "make a lot of money" for the U.S.

He announced the move on his Truth Social account as millions of U.S. TikTok users awoke to discover they could no longer access the TikTok app or platform. By Sunday afternoon, a message greeted those who signed on thanking them — and the president-elect — for their support.

"As a result of President Trump’s efforts, TikTok is back in the U.S.!" the message read.

What's next?

What they're saying:

Amid fears of the TikTok ban, some other apps have gained some new popularity. 

Lemon8, also owned by TikTok’s parent company ByteDance, is a emerging lifestyle app that allows users to post pictures and short-form videos. 

Some TikTok users have quickly found interest in the Chinese social media app Xiaohongshu in protest of the looming ban. This app appears to be the most similar to TikTok. Xiaohongshu, which in English means "Little Red Book," combines e-commerce and short-form videos.

The Source: The Associated Press, FOX 5 reporting

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