The seeming yearning of former President Trump to monopolize the media landscape appears to be inching closer to realization, based on recent developments. On Monday, he intimated on an online platform about the culmination of an essential trade meeting between the U.S and China that apparently turned out ‘VERY WELL,’ as he put it.
Trump’s message also revealed a deal concerning an unspecified company which he assured would bring joy to the younger demographic in America. The ex-president also mentioned a forthcoming conversation he’s set to have with President Xi, indicating that their relationship is still strong despite political differences.
Concerning Trump’s promise, his Treasury Secretary, Scott Bessent, hinted at the possibility of a ‘framework for a deal’ for the controversial sale of TikTok. However, Bessent’s previous proclamations of ‘framework for a deal’ haven’t always materialized, casting doubt over the credibility of this assertion.
The vague rhetoric employed in the president’s dealings with China proves that there’s a difference between a ‘framework’ and an actual ‘deal.’ Take, for example, a past ‘handshake for a framework’ agreed back in June. As the week ends, will Trump and Bessent secure the desired deal on those coveted rare earth minerals?These minerals are crucial for U.S tech firms to manufacture advanced AI chips, aircraft, and various other high-tech devices.
The increasing murmur among the populace suggests possible sale of TikTok to Oracle, run by Trump’s close associate Larry Ellison, and other private equity firms. Bells might ring upon hearing this name because Ellison is the father of the new chairperson and CEO of Paramount, David Ellison, whose company Skydance merged with Paramount.
Both Larry and David have a known history of being stalwart supporters of the Republican Party. Rumor has it that Paramount Skydance, which is now in talks, is targeting the acquisition of Warner Brothers Discovery, the parental company of CNN, furthering their media influence.
TikTok’s forced transition under U.S. control is not new, as it has reportedly been a longstanding desire of Trump. Trump has made multiple calls for a prohibition of TikTok due to suspected associations with Chinese intelligence, to the point of Congress enacting a law to ban the app unless it is managed by a U.S. company.
It must be noted, however, that the Chinese government has no ownership over TikTok. The founder, a Chinese individual, still holds significant power in the company, but it wasn’t established in China. There hasn’t been any concrete proof suggesting that the Chinese government has access to user data or that it has engaged in espionage through the app.
ByteDance Ltd, the parent company of TikTok headquartered in Cayman Islands, does not have direct ties with the Chinese government. TikTok Inc’s main offices are based in Los Angeles and Singapore, with its algortihm supplied from Virginia servers. Interestingly, a majority 60 percent of ByteDance’s ownership lies with international investors, with the rest divided between founder Zhang Yiming and company employees.
Yet, TikTok was subjected to a ban under the guise of it being a major concern because of its possible linkages to China. Jeff Yass, the managing director of the Susquehanna International Group, which owns a significant stake in TikTok, purchased a portion of Digital World Acquisition Corporation. Therefore, this might be the Trump-led move to maintain the media influence, under the garb of digital security.
This merging allowed the previously unknown Trump Media & Technology Group’s shares to soar a staggering 140 percent. For a granular examination of this potential deal, refer to Wall Street Journal’s detailed coverage that reveals the prospects.
The proposed deal would see Zhang Yiming’s ownership plummet below 20 percent, with a group of U.S. companies taking over the lion’s share, 80 percent. A novel U.S. enterprise would be established, possessing a board featuring a representative from the U.S. government.
The significance of social media websites can’t be underestimated, as businesses have recorded substantial sales through platforms like TikTok. Additionally, TikTok’s relevance in documenting and fighting human rights abuses and organizing protests is undeniable.
So, the situation presents a set of vital questions: is this unsightly display of media dominance part of a political strategy? Or is it merely a demonstration of financial might and influence accruing within the circles of powerful individuals?
The unveiling of these developments underscore a warning: unchecked power can lead to an uneven playing field that bypasses the essence of democracy. Monitoring this media landscape will be essential in maintaining a balanced discourse.
The post Trump’s Power Play: Attempt to Control TikTok or Simple Media Dominance? appeared first on Real News Now.
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