A deal has been reached:
https://www.cnbc.com/2020/09/19/trump-s ... ncept.htmlOracle to own 12.5%, Walmart to own 7.5%. The other 80% stays with Bytedance. The ban will get delayed for at least another week so they can continue to hammer out details. Like I said, I'm sure one of those details is that all the data has to stay on US servers and cannot be sent back to China.
Rumors are that a new company will be formed as part of this, and will likely be HQed in Texas (I'm going to guess here in Austin). 25,000 potential new jobs across the US. This looks similar to how foreign companies in China often have to form joint venture companies in China.
Now for speculation:
I think Trump can claim this one as a win. Something he can boast for his campaign. I could see him say stuff like "I stuck it to China". This isn't really that big of stick/deal all by itself, since this is tiktok; a stupid social media app. However, it is a big deal because I don't think anyone has ever stuck to China like this in that past. This could signal/open larger changes with how Chinese companies operate in the US. This could affect more important/critical sectors like 5g (huawai, zte). Who knows, maybe even change how the US open research institutions are with Chinese entities as well (some of the tech used by China to do genealogy studies/tracing on the Uyghurs came from a joint US-China university project, without the US researchers knowing what China would do with it).
I think @Patrickov got it right. They gave China their own medicine for sure. The only thing is, in China it's often (not always) 51% has to be Chinese owned. In this case, it's just 20% American owned. Still, I think this is unprecedented and a signal that this might happen with more Chinese companies operating in the US (Huawei, ZTE, etc.). The gotacha of this is that if China complains about these practices, they can just throw it back at their faces and say "you do do this to foreign companies. If you want it to stop, then you should stop too." Of course, this could all just be a one off, and everyone forgets about it in a year.
Personally, I think the US should reciprocate this policy with all Chinese companies operating in the US. That is, mirror the same list of requirements that China places on foreign companies (There has to be US ownership, data stays in the US, etc. etc.). Apply these requirements to Chinese companies operating in the US (with strict US oversight, much like how the CCP does). Basically really give them their own medicine. If they don't want this, then they need to stop doing this too.
I can think of 11780 reasons Trump shouldn't be president ever again.