[addicted]

For context, SNAP is valued at $14Bn.

This is a straight up giveaway to friends.

Even dictators in other countries don't make it so obvious because they're worried their populations would revolt, which says a lot about the American voter today.

[mandeepj]

> This is a straight up giveaway to friends.

None of Tiktok's executives were present, and China has not confirmed the sale. So, I don't think clown's EO means anything. He's living in his own la la land :-)

[throwawaymaths]

wait why does china have to confirm the sale? i thought tiktok was singaporean!

[mandeepj]

> i thought tiktok was singaporean!

Tiktok's CEO is a singaporean! Maybe you are mixing it with that.

Tiktoks' parent company ByteDance is headquartered in China. https://en.wikipedia.org/wiki/ByteDance

[c0balt]

Shou Zi Chew, the CEO of TikTok since 2021, is Singaporean. TikTok, the company, is owned by ByteDance.

[sjsdaiuasgdia]

The CEO of TikTok is from Singapore. Bytedance is a Chinese company.

[talbo888]

Before people jump to conclusions, if you look at the details there seems to be a plan for a major profit sharing and licensing agreement with Bytedance. The numbers floated around are that 50% of the profit would go to Bytedance plus.

This would significantly impact its valuation to outside investors.

[didntknowyou]

it was always more about control than making profit tbh

[maxglute]

IIRC previous talk for TikTok US valuations / buyout was ~40B. But Tiktok was at ~20% Bytedance / PRC ownership before and after. US ownership to boost from 60-80%. So not really sure who this is boning more.

[giarc]

It's all a grift. The cynic in me says that if you looked close enough, you'd find some large deposits into Trump coin or World Liberty Finacial shortly before this announcement.