Trump’s Agenda Manipulates Trade Relations, Dimming Biden’s Relevance
It appears that former President Trump is cautiously advancing his aspiration to dominate all media and control every stage. He insinuated on an online forum that the principal trade negotiations between the United States and China in Europe proceeded excellently, hinting at a successful conclusion. Evidently, an agreement on a ‘particular’ company favored by our nation’s youth was also settled, promising to bring much delight.
Trump, forthcoming as ever, announced that he would engage in a talk with President Xi at week’s end, alluding to the resilient bond that persists. Concurrently, Scott Bessent, Trump’s trusted Treasury Secretary, claimed the establishment of a ‘framework for a deal’. This phrase, though repetitively used, signals promise, yet it’s crucial to acknowledge the disparity between ‘framework’ and ‘deal’.
Despite this ambiguity, the situation seems more promising than the rumored ‘handshake for a framework’ purportedly proposed in June. Numerous folks are inclined to believe that come Friday, Trump and Bessent will finally procure that elusive deal on those highly coveted rare earth minerals from China. Such minerals are critical for American tech firms that manufacture AI chips, sophisticated aircraft, and other high-tech gadgets.
Buzz is abundant regarding the potential sale of TikTok to Oracle and a few prominent private equity companies. Oracle’s CEO and Trump-ally Larry Ellison is being spotlighted in these discussions. Notably, Larry Ellison’s son, David Ellison, is the current CEO and chairman of Paramount subsequent to a merger with his own company, Skydance.
In a questionable turn of events, both father and son, who happen to be generous contributors to the Republican party, are supposedly considering purchasing Warner Brothers Discovery, the parent entity of CNN. Forcing TikTok under US control has seemingly been a longstanding goal of Trump’s, which is particularly remarkable due to his vehement push for the app to be banned based on supposed connections to Chinese espionage.
In response to these unfounded allegations, Congress adopted a law banning TikTok unless its algorithm was subjected to the control of an American company. Intriguingly, the Chinese government neither owns nor has ever owned TikTok, and the founder, a Chinese national, remains an influential part of the governing body. However, it is crucial to note that the company was neither established nor incorporated in China.
Thus far, there is complete lack of proof demonstrating that the Chinese government accessed user data, let alone exploited it for espionage. TikTok’s parent company, ByteDance Ltd., which is based in the Cayman Islands, along with TikTok Inc., headquartered in Los Angeles and Singapore, serve their unique algorithms from servers located in Virginia.
Currently, non-Chinese global institutional investors hold a majority (60%) stake in ByteDance. The Beijing-based founder, Zhang Yiming, owns a 20% stake, and the employees split the remaining 20% interest. Regardless of the international constitution of the firm, Congress prohibited the app, citing it as a severe concern.
Jeff Yass, the managing director of Susquehanna International Group, also a significant stakeholder of TikTok’s parent company, made a large investment in Digital World Acquisition Corporation. This transaction led to a merger with Trump Media & Technology Group, consequently leading to a whopping 140% surge in stock prices.
The Wall Street Journal provided more details of the impending deal. It revealed that founder Zhang Yiming’s stake would diminish to less than 20%. Meanwhile, an alliance of US corporations would amass 80% control of the company, resulting in the formation of a new US-based entity. The board of the new entity would feature a member appointed by the American government.
Social media platforms such as TikTok are not only essential for businesses but pivotal in documenting human rights violations and facilitating protests. Yet, with ongoing efforts to reclaim TikTok under the US banner, it seems like a decisive facet of our global internet ecosystem is at the mercy of political maneuvers that may not always prioritize users’ interests.