About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg QuickTake: Now published this video item, entitled “LIVE: Trump Celebrates TikTok Deal That Falls Short of His Key Demands | Happening Today” – below is their description.
(Sept. 20) The TikTok video-sharing app was already under U.S. scrutiny when users pranked President Donald Trump’s campaign by pretending to reserve thousands of tickets to a June re-election rally in Oklahoma. For Trump administration hardliners who wanted a tougher stance toward Beijing and viewed the Chinese-owned app as a national security threat, it was the perfect moment to pounce. The president, furious over the Covid-19 pandemic and embarrassed by empty seats at his campaign event, obliged. Linking TikTok to Beijing’s handling of the raging coronavirus outbreak, Trump in July threatened to ban the app used by 100 million Americans unless China handed over control of the company, its algorithms and data to the U.S. Hearkening back to his New York real estate days, he also insisted the U.S. government get compensated in the process. The deal Trump signed off on Saturday, hours before a Sept. 20 deadline, does almost none of that. Trump said he wanted the U.S. part of the business owned by an American company. But China’s ByteDance Ltd. remains the majority shareholder in a new U.S. company that will include fresh investments by Oracle Corp. and Walmart Inc. in a future fundraising round. Trump said he wanted the data to stay in American hands, for national security reasons. But the algorithm itself — the thing that makes TikTok TikTok — will still belong to ByteDance, so national security concerns remain, experts said. And the government payout? That turned into a vaguely worded promise of $5 billion in new tax dollars to the U.S. Treasury. The company also said it would create a new “education initiative” to teach kids reading and math online. Still, Trump said he was satisfied. “They’re going to be setting up a very large fund,” Trump said Saturday. “That’s their contribution that I’ve been asking for.” The president did get a partial victory. He said the new company will have a Texas headquarters and promised to hire 25,000 Americans, although no breakdown or timeline for the hiring was provided. The board will be American-run. Most importantly, the move wraps up a crisis six weeks before the U.S. election, concluding one of the more extraordinary episodes in a presidency that has been filled with them. “It’s a great deal for America,” Trump said Saturday. “It’ll be a brand new company, it will have nothing to do with any outside land, any outside country, it will have nothing to do with China, it’ll be totally secure, that’ll be part of the deal.” Statements like those are causing skeptics to say Trump singled out TikTok for political reasons — either because of a perception its users dislike him, or to bludgeon China — and that he took an agreement that met few of his terms for the same reason. They add that the president’s direct involvement and his acceptance of a deal brokered by a key ally — Oracle founder Larry Ellison — reeks of political interference. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm QUICKTAKE ON SOCIAL: Follow QuickTake on Twitter: twitter.com/quicktake Like QuickTake on Facebook: facebook.com/quicktake Follow QuickTake on Instagram: instagram.com/quicktake Subscribe to our newsletter: https://bit.ly/2FJ0oQZ Email us at email@example.com QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.Bloomberg QuickTake: Now YouTube Channel
Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.
In This Story: China
China is the third largest country in the world by area and the largest country in the world by population. Properly known as the People’s Republic of China, the political territory of the country includes the former nations of Tibet and Hong Kong.
7 Recent Items: China
In This Story: COVID-19
Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.
Symptoms of coronavirus
The main symptoms of coronavirus are:
- a persistent new cough (non productive, dry)
- a high temperature (e.g. head feels warm to the touch)
- shortness of breath (if this is abnormal for the individual, or increased)
Latest News about Covid-19
Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.
5 Recent Items: COVID-19
In This Story: Donald Trump
Donald John Trump is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality. Trump was born and raised in Queens, a borough of New York City, and received a bachelor’s degree in economics from the Wharton School.