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According to two people familiar with the matter, the U.S. government launched a national security review on tiktok's parent company, Beijing byte beat Technology Co., Ltd., for its US $1 billion acquisition of music.ly, a US social media application.
Although the $1 billion acquisition was completed two years ago, in recent weeks, U.S. lawmakers have called for a national security investigation of tiktok, fearing that the Chinese company may review politically sensitive content and question the way it stores personal data.
At a time when the US and China are increasingly at loggerheads over trade and technology transfer, tiktok is becoming more and more popular among us teenagers. Earlier this year, tiktok said that about 60% of its 26.5 million monthly active users in the US belong to the age group of 16-24.
The Cfius is responsible for reviewing transactions in which the acquirer is a foreign investor to identify potential national security risks. The source said the agency had begun to review the musical. Ly deal. Tiktok did not seek CFIUS approval for the acquisition of musical.ly. They added that this gives CFIUS the space to investigate the matter now.
CFIUS is in talks with tiktok about what tiktok can do to avoid divestiture of its acquired musical.ly assets. Details of what CFIUS calls "risk mitigation" negotiations are not known, the source said. The specific concerns of CFIUS are also unknown.


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