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The Commerce Department is expected to announce more information about the scope of WeChat and TikTok restrictions on September 20th, with Reuters already reporting that the Trump administration is about to block US downloads of both apps. The Trump administration urged tech companies to consider buying the US side of the TikTok business, with Oracle being the front-runner after Microsoft dropped out. Bloomberg says that Tencent’s US assets could be worth at least $22 billion. Bloomberg Intelligence speculates that Tencent runs the risk of forced divestment similar to ByteDance’s TikTok. It’s unclear what can happen going forward. “The question then becomes is the risk high enough that it actually warrants forcing deals apart.” He also said that the committee has traditionally looked at protecting sensitive data like health, financial, and government-employee information, but it’s now expanding its reach. Mir ran CFIUS reviews at the Treasury Department when he was the deputy assistant secretary for investment security. “When you’re talking about massive amounts of data, there’s probably something for the committee to look at,” Aimen Mir told Bloomberg.
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The committee has the authority to examine full acquisition and minority stakes and make recommendations to the president to block and unwind deals.
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The latter is also a Tencent creation.įrom its inception, CFIUS has been investigating foreign acquisitions of American businesses for national security risks. This is just another escalation in Trump’s war against China following the administration’s moves against popular Chinese apps TikTok and WeChat.
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The Committee on Foreign Investment in the US (CFIUS) has sent letters to Epic, Riot, and Blizzard, asking them about security protocols involving the personal data of American customers. Bloomberg reports that the Trump administration has now asked companies to provide information about user data security. It also has stakes in other US companies, including Activision Blizzard, Discord, Reddit, and Snap. Tech conglomerate Tencent holds a 40% stake in Epic Games, and it owns Riot Games.