TikTok users filed a lawsuit against the executive order of President Donald Trump, which ordered the banning of TikTok from 12 november.
The administration of President Donald Trump’s government accuses the Chinese company, owned by ByteDance, of improperly collecting data from American users. The White House accuses ByteDance of sharing user data with the Chinese government.
ByteDance completely refutes the allegations of data collection and association with the Chinese government.
President Donald Trump has established as a condition for TikTok to continue operating in the United States that ByteDance sells control of the social network to an American company.
Oracle and Microsoft have expressed interest in acquiring TikTok. However, Microsoft’s proposal was rejected by ByteDance. President Donald Trump demands that the transfer of ownership of TikTok to an American company be total. The White House does not even accept that ByteDance continue with any participation in TikTok. Even if it is a minority stake.
However, the transfer of TikTok to an American company may face a sanction from the Chinese government. The future of TikTok is absolutely uncertain. And a split from the social network can certainly reduce its implicit business value.
Donald Trump’s government will appeal the court decision that prolonged the existence of TikTok in the United States. The social network has grown exponentially and ByteDance hopes that the wide popularity of TikTok will induce its users to put pressure on Donald Trump’s executive order that determines the ban. Public opinion may have an influence even in the American government’s legal battle against ByteDance.
The COVID-19 coronavirus pandemic continues to negatively impact the oil industry. As coronavirus cases increase again globally, the prospect of a more significant recovery for fossil fuel companies is postponed.
It is true that the price of oil recovered from the moment of panic experienced by this market, at the beginning of the pandemic, when the price of oil registered a negative value. Under zero. But companies are showing a timid recovery, due to the slowdown in the global economy and all its consequences.
The surprising recovery of the Chinese economy, after the partial blockade of the country and also a considerable growth of 12% of the Eurozoneβs gross domestic product, from July to September, foresee a more promising scenario for the oil industry in the medium term.
The return of international travel and the consequent increase in aviation fuel consumption will be the best indicator for the global recovery and the general improvement of the economy.
The increase in international travel would be an unequivocal indicator that the resumption of the movement of people and goods could restore the normalization of the economy, on a global scale.
Exxon Mobil Corporation President Darren Woods announced the loss of $ 680 million from July to September and sent a message of optimism to shareholders: βWe remain confident in our long-term strategy and the fundamentals of our business, and are taking necessary actions to preserve value while protecting the balance sheet and dividendβ.
