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US President Donald Trump is not giving up on the idea of sending a large part of the future TikTok purchase transaction to the Treasury. He has already spoken with Oracle President Larry Ellison and Wallmart CEO Doug McMillon.
But Trump has a problem, his legal advisers have told him that there is no legal way for the government to receive payment for such a transaction.
“It’s amazing that I found out that you can’t do that. You are not allowed to receive money. What does this mean? They are willing to pay the government, but they are not allowed to do so, because there is no way, there is no legal solution. And I I ask, do they want to pay a large sum to the government and we can’t take their money? How did this happen? How stupid can we be? So we are looking into the matter, “Trump said at a news conference.
For now, the Treasury Department and ByteDance, TikTok’s parent company, have announced that they have reached a preliminary agreement that will allow both Oracle and other US investors, including Wallmart, to take over the majority stake in TikTok.
The TikTok app has asked a U.S. court to block the Trump administration’s decision to ban the app in the U.S., Bloomberg reported on Saturday, taken over by Reuters.
TikTok and the company that owns the app, ByteDance, filed a lawsuit in federal court in Washington, challenging the executive order of US President Donald Trump.
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