Stock Markets
TikTok restores service, thanks Trump

By David Shepardson
WASHINGTON (Reuters) -TikTok said on Sunday said it was restoring its service after President-elect Donald Trump said he would revive the app’s access in the U.S. when he returns to power on Monday.
The statement came after U.S. users reported being able to access the Chinese-owned service’s website while the far more widely used TikTok app itself did not appear to be immediately available.
“In agreement with our service providers, TikTok is in the process of restoring service,” TikTok said in a statement that thanked Trump for “providing the necessary clarity and assurance to our service providers that they will face no penalties (for) providing TikTok to over 170 million Americans and allowing over 7 million small businesses to thrive.”
TikTok stopped working for its 170 million American users late on Saturday before a law shutting it down on national security grounds took effect on Sunday. U.S. officials had warned that under Chinese parent company ByteDance, there was a risk of Americans’ data being misused.
Trump said he would “extend the period of time before the law’s prohibitions take effect, so that we can make a deal to protect our national security.”
“I would like the United States to have a 50% ownership position in a joint venture,” he wrote on Truth Social.
Trump said the executive order would specify there would be no liability for any company that helped keep TikTok from going dark before his order.
Trump had earlier said he would most likely give TikTok a 90-day reprieve from the ban after he takes office, a promise TikTok cited in a notice posted to users on the app.
“A law banning TikTok has been enacted in the U.S. Unfortunately, that means you can’t use TikTok for now. We are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned,” a message notified users of TikTok, which disappeared from Apple (NASDAQ:) and Google (NASDAQ:) app stores late on Saturday.
Even if temporary, the unprecedented shutdown of TikTok is set to have a wide-ranging impact on U.S.-China relations, U.S. politics, the social media marketplace and millions of Americans who depend on the app economically and culturally.
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