Connect with us

Tech

Trump’s new crypto token jumps ahead of his inauguration

Published

on

TikTok began restoring its services on Sunday after President-elect Donald Trump said he would revive the app’s access in the U.S. when he returns to power on Monday.

“Frankly, we have no choice. We have to save it,” Trump said at a rally on Sunday ahead of his inauguration, adding that the U.S. will seek a joint venture to restore the short-video sharing app used by 170 million Americans.

In a message to users hours before the rally, TikTok said: “As a result of president Trump’s efforts, TikTok is back in the U.S.”

TikTok also issued an earlier statement after U.S. users reported being able to access the Chinese-owned service’s website while the far more widely used TikTok app itself began coming back online for some users with just a few basic services. As of Sunday evening, the app remained unavailable for download on U.S. app stores.

“In agreement with our service providers, TikTok is in the process of restoring service,” TikTok said in the earlier statement that also 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’s public thanks to Trump, the day before he takes office, comes at a tense moment in U.S.-China relations. Trump has said he intends to place tariffs on China but has also indicated he hopes to have more direct contact with China’s leader.

The Chinese Embassy in Washington on Friday accused the U.S. of using unfair state power to suppress TikTok. “China will take all necessary measures to resolutely safeguard its legitimate rights and interests,” a spokesperson said.

TikTok stopped working for U.S. 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 (AAPL.O) and Google app stores late on Saturday.

Trump saving TikTok represents a reversal in stance from his first term in office. In 2020, he aimed to ban the app over concerns the company was sharing Americans’ personal info with the Chinese government. More recently, Trump has said he has “a warm spot in my heart for TikTok,” crediting the app with helping him win over young voters in the 2024 election.

Item 1 of 4 A woman poses with her smartphone displaying the @realdonaldtrump TikTok page, in Washington, U.S. January 19, 2025. REUTERS/Shannon Stapleton

[1/4]A woman poses with her smartphone displaying the @realdonaldtrump TikTok page, in Washington, U.S. January 19, 2025. REUTERS/Shannon Stapleton Purchase Licensing Rights

In August 2020, Trump signed an executive order giving ByteDance 90 days to sell TikTok but then blessed a deal structured as a partnership rather than a divestment that would have included both Oracle (ORCL.N) and Walmart (WMT.N) taking stakes in the new company.

Not everyone in Trump’s Republican Party agreed with efforts to get around the law and “Save TikTok”.

Republican senators Tom Cotton and Pete Ricketts said in a joint statement: “Now that the law has taken effect, there is no legal basis for any kind of ‘extension’ of its effective date. For TikTok to come back online in the future, ByteDance must agree to a sale that satisfies the law’s qualified-divestiture requirements by severing all ties between TikTok and Communist China.”

The U.S. has never banned a major social media platform. The law passed overwhelmingly by Congress gives the incoming Trump administration sweeping authority to ban or seek the sale of other Chinese-owned apps.

Other apps owned by ByteDance, including video editing app CapCut and lifestyle social app Lemon8, were also offline and unavailable in U.S. app stores as of late Saturday.

Apple and Google (GOOGL.O), did not immediately respond to requests for comment.

‘HAIR ON FIRE’ MOMENT

Web searches for “VPN” spiked in the minutes after U.S. users lost access to TikTok, according to Google Trends.

Users on Instagram fretted about whether they would still receive merchandise they had bought on TikTok Shop, the video platform’s e-commerce arm.

Marketing firms reliant on TikTok have rushed to prepare contingency plans in what one executive described as a “hair on fire” moment after months of conventional wisdom saying that a solution would materialize to keep the app running.

TikTok CEO Shou Zi Chew plans to attend the U.S. presidential inauguration and attend a rally with Trump on Sunday, a source told Reuters.

Suitors including former Los Angeles Dodgers owner Frank McCourt have expressed interest in the fast-growing business that analysts estimate could be worth as much as $50 billion. Media reports say Beijing has also held talks about selling TikTok’s U.S. operations to billionaire and Trump ally Elon Musk, though the company has denied that.

U.S. search engine startup Perplexity AI submitted a bid on Saturday to ByteDance for Perplexity to merge with TikTok U.S., a source familiar with the company’s plans told Reuters. Perplexity would merge with TikTok U.S. and create a new entity by combining the merged company with other partners, the person added.

Privately held ByteDance is about 60% owned by institutional investors such as BlackRock and General Atlantic, while its founders and employees own 20% each. It has more than 7,000 employees in the U.S.

Source: www.reuters.com/

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Digital Economy Publisher Congratulates Samuel Nartey George on his Appointment

Published

on

The Publisher and CEO of Digital Economy Magazine, Akin Naphtal recently paid a courtesy call on  Samuel Nartey George (MP), Minister for Communication, Digital Technology and Innovations, to congratulate him on his appointment. 

During the visit, the Publisher presented copies of the magazine featuring the Minister on the front page. 

The magazine profiles the Minister’s background and highlights some of his notable activities since taking office.

 Invitation to Digital Innovations Awards

The Minister was also invited to the upcoming Digital Innovations Awards, scheduled for June 27, 2025, at the Labadi Beach Hotel. 

This event aims to recognize and celebrate outstanding contributions to digital innovation in Globally. 

Mr.Samuel Nartey George expressed his gratitude for the recognition and emphasized the importance of digital innovation in driving Ghana’s economic growth. 

The Minister also highlighted the significance of collaboration between the government, private sector, and civil society in resetting Ghana’s digital agenda.

Continue Reading

Tech

University of Ghana (UG) Engages Ministry of Communication, Digital Technology and Innovations on Strategic Collaboration

Published

on

A delegation from the University of Ghana (UG) today visited the Minister for Communication, Digital Technology and Innovations (MoCDTI) to explore collaborative opportunities in digital innovation, skills development and policy alignment.​ 

Director of the Research and Innovation Directorate at the University of Ghana highlighted the University’s commitment to supporting national digital initiatives emphasizing the importance of aligning UG’s research and innovation efforts with governmental agendas in areas like artificial intelligence (AI) and coding.​

Professor Dodoo-Arhin noted that UG has been proactive in fostering innovation through hackathons and other programs aimed at enhancing the skillsets of young people. He expressed the University’s interest in the proposed Innovation and Startup Bill, aligning with UG’s strategic focus on innovation. 

He therefore announced UG’s readiness to provide space, expertise and certification support for government-led training programs, including curriculum development and short courses under the coders’ initiative.​

 Samuel Nartey George (MP) Minister for Communication, Digital Technology and Innovations, welcomed the UG delegation and expressed the Ministry’s openness to partnerships with academia. 

He underscored the significance of academic input in shaping policies and announced the Ministry’s commitment to completing the Digital Youth Village within three months. 

This facility, to be operated in collaboration with UG, will serve as a hub for training and innovation.​

The Minister also revealed plans to replicate such centers across the country, integrating them into a broader ecosystem to support national innovation. 

He discussed the expansion of the “One Million Coders” program to reskill and upskill Ghana’s workforce, emphasizing the role of universities in this initiative. 

The Minister highlighted the Ministry’s intent to act as an enabler for technology adoption across various sectors, including agriculture and health, leveraging AI and other emerging technologies.​

Further discussions included the formation of a steering committee to review and evaluate existing training programs, aiming to develop a unified national curriculum for technological skills, subject to approval by the Ghana Tertiary Education Commission (GTEC). 

The meeting also touched on the upcoming AI design hackathon for persons with disabilities, scheduled for May, and the 19th International Conference on Advanced Materials (ICAM), to be hosted by UG in collaboration with the International Union of Materials Research Societies (IUMRS) and the African Materials Research Society (AMRS).​

Present at the meeting were Prof. Isaac Wiafe, Computer Science Department

Ms. Mammie N. Hutchful Nortey, Senior Research Development Officer

Mr. Leslie C. Kumahlor, Research Development Officer

Mrs. Irene Y. Ashiley, Assistant Registrar and Administrator, Research and Innovation Directorate.

Continue Reading

Tech

EU approves 920 million euro German aid for Infineon chips plant

Published

on

The logo of semiconductor manufacturer Infineon is seen at its Austrian headquarters in Villach, Austria, June 3, 2018. REUTERS/Lisi Niesner/File Photo Purchase Licensing Rights

The European Commission said on Thursday it had approved a 920 million euro German state aid to Infineon for the construction of a new semiconductor manufacturing plant in Dresden.

The measure will allow Infineon (IFXGn.DE), to complete the MEGAFAB-DD project which will be able to produce a wide range of different types of chips, the Commission added.

Chipmakers across the globe are pouring billions of dollars into new plants, as they take advantage of generous subsidies from the United States and the EU to keep the West ahead of China in developing cutting-edge semiconductor technology.

The European Commission has earmarked 15 billion euros for public and private semiconductor projects by 2030.

“This new manufacturing plant will bring flexible production capacity to the EU and thereby strengthen Europe’s security of supply, resilience and technological autonomy in semiconductor technologies, in line with the objectives set out in the European Chips Act,” the Commission said in a statement.

The Commission said the plant – which will reach full capacity in 2031 – will be a front-end facility, covering wafer processing, testing and separation, adding that its chips will be used in industrial, automotive and consumer applications.

The aid will take the form of a direct grant of up to 920 million euros to Infineon to support its investment amounting to 3.5 billion euros. Infineon has said the plant will be the largest single investment in its history.

Infineon has agreed with the EU to ensure the project will bring wider positive effects to the EU semiconductor value chain and invest in the research and development of the next generation of chips in Europe, the Commission said.

It will also contribute to crisis preparedness by committing to implement priority-rated orders in the case of a supply shortage in line with the European Chips Act.

Source: www.reuters.com

Continue Reading

Trending