AsianFin -- Zhang Yiming, the founder of TikTok’s parent company ByteDance, had engaged in discussions with Elon Musk, the world’s wealthiest person and a close ally of former President Donald Trump, during a critical period last year. This was reportedly in the context of a proposed U.S. law that sought to ban TikTok in the U.S.
Zhang, who holds a 21% stake in ByteDance and retains majority control through additional voting rights, is said to have communicated with Musk as concerns about the future of TikTok mounted. Musk has been a vocal opponent of the move to ban the app.
U.S. President Trump on Monday signed an executive order delaying the TikTok ban, prohibiting any action against the app for 75 days. The ban, which had been initially set to take effect on January 19, was postponed as a result of the executive order.
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