NEW YORK: TikTok on Tuesday labeled as “pure fiction” a report that China is exploring a potential sale of the video-sharing platform’s US operations to billionaire Elon Musk as the firm faces an American law requiring imminent Chinese divestment.
Citing anonymous people familiar with the matter, Bloomberg News had earlier reported that Chinese officials were considering selling the company’s US operations to Musk’s social media platform X.
The report outlined one scenario being discussed in Beijing where X would purchase TikTok from Chinese owner ByteDance and combine it with the platform formerly known as Twitter.
“We cannot be expected to comment on pure fiction,” a TikTok spokesperson told AFP.
The report estimated the value of TikTok’s US operations at between $40 billion and $50 billion.
Although Musk is currently ranked as the world’s wealthiest person, Bloomberg said it was not clear how Musk could execute the transaction, or if he would need to sell other assets.
The US Congress passed a law last year that requires ByteDance to either sell its wildly popular platform or shut it down. It goes into effect on Sunday — a day before President-elect Donald Trump takes office.
The US government alleges TikTok allows Beijing to collect data and spy on users and is a conduit to spread propaganda. China and ByteDance strongly deny the claims.
TikTok has challenged the law, taking an appeal all the way to the US Supreme Court, which heard oral arguments on Friday.
At the hearing, a majority of the conservative and liberal justices on the nine-member bench appeared skeptical of arguments by a lawyer for TikTok that forcing a sale was a violation of First Amendment free speech rights.
Bloomberg characterized Beijing’s consideration of a possible Musk transaction as “still preliminary,” noting that Chinese officials have yet to reach a consensus on how to proceed.
Musk is a close ally of Trump and is expected to play an influential role in Washington in the coming four years.
He also runs electric car company Tesla, which has a major factory in China and counts the country as one of the automaker’s biggest markets.
Trump has repeatedly threatened to enact new tariffs on Chinese goods, which would expand a trade war begun in his first term and which was largely upheld, and in some cases supplemented, by outgoing President Joe Biden.
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TikTok calls report of possible sale to Musk’s X ‘pure fiction’
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TikTok calls report of possible sale to Musk’s X ‘pure fiction’
Vietnam’s ruling Communist Party re-elects To Lam as general secretary
HANOI: Vietnam’s leader To Lam was re-elected Friday as the general secretary of its ruling Communist Party, securing a new five-year term in the country’s most powerful position and pledging to rev up economic growth in the export powerhouse.
Lam, 68, was reappointed unanimously by the party’s 180-member Central Committee at the conclusion of the National Party Congress, the country’s most important political conclave.
In a speech, he said he wanted to build a system grounded in “integrity, talent, courage, and competence,” with officials to be judged on merit rather than seniority or rhetoric.
No announcement was made about whether Lam will also become president. If he were to get both positions, he would be the country’s most powerful leader in decades, similar to Chinese leader Xi Jinping.
The Congress was framed by Vietnam’s defining national question: whether the country can transform itself into a high-income economy by 2045. During the meeting, Vietnam set a target of average annual GDP growth of 10 percent or more from 2026 to 2030.
The gathering brought together nearly 1,600 delegates to outline Vietnam’s political and economic direction through 2031. It also confirmed a slate of senior appointments, electing 19 members to the Politburo, the country’s top leadership body.
Beyond settling the question of who will lead Vietnam for the coming years, the Congress will also determine how the country’s single-party system responds to world grown increasingly turbulent as China and the United States wrangle over trade and Washington under President Donald Trump challenges a longstanding global order.
Vietnam’s transformation into a global manufacturing hub for electronics, textiles, and footwear has been striking. Poverty has declined and the middle class is growing quickly.
But challenges loom as the country tries to balance rapid growth with reforms, an aging population, climate risks, weak institutions and US pressure over its trade surplus. At the same time it must balance relations with major powers. Vietnam has overlapping territorial claims with China, its largest trading partner, in the South China Sea.
Lam has overseen Vietnam’s most ambitious bureaucratic and economic reforms since the late 1980s, when it liberalized its economy. Under his leadership, the government has cut tens of thousands of public-sector jobs, redrawn administrative boundaries to speed decision-making, and initiated dozens of major infrastructure projects.
Lam spent decades in the Ministry of Public Security before becoming its minister in 2016. He led an anti-corruption campaign championed by his predecessor, Nguyen Phu Trong. During his rise, Vietnam’s Politburo lost six of its 18 members during an anti-graft campaign, including two former presidents and Vietnam’s parliamentary head.
Lam, 68, was reappointed unanimously by the party’s 180-member Central Committee at the conclusion of the National Party Congress, the country’s most important political conclave.
In a speech, he said he wanted to build a system grounded in “integrity, talent, courage, and competence,” with officials to be judged on merit rather than seniority or rhetoric.
No announcement was made about whether Lam will also become president. If he were to get both positions, he would be the country’s most powerful leader in decades, similar to Chinese leader Xi Jinping.
The Congress was framed by Vietnam’s defining national question: whether the country can transform itself into a high-income economy by 2045. During the meeting, Vietnam set a target of average annual GDP growth of 10 percent or more from 2026 to 2030.
The gathering brought together nearly 1,600 delegates to outline Vietnam’s political and economic direction through 2031. It also confirmed a slate of senior appointments, electing 19 members to the Politburo, the country’s top leadership body.
Beyond settling the question of who will lead Vietnam for the coming years, the Congress will also determine how the country’s single-party system responds to world grown increasingly turbulent as China and the United States wrangle over trade and Washington under President Donald Trump challenges a longstanding global order.
Vietnam’s transformation into a global manufacturing hub for electronics, textiles, and footwear has been striking. Poverty has declined and the middle class is growing quickly.
But challenges loom as the country tries to balance rapid growth with reforms, an aging population, climate risks, weak institutions and US pressure over its trade surplus. At the same time it must balance relations with major powers. Vietnam has overlapping territorial claims with China, its largest trading partner, in the South China Sea.
Lam has overseen Vietnam’s most ambitious bureaucratic and economic reforms since the late 1980s, when it liberalized its economy. Under his leadership, the government has cut tens of thousands of public-sector jobs, redrawn administrative boundaries to speed decision-making, and initiated dozens of major infrastructure projects.
Lam spent decades in the Ministry of Public Security before becoming its minister in 2016. He led an anti-corruption campaign championed by his predecessor, Nguyen Phu Trong. During his rise, Vietnam’s Politburo lost six of its 18 members during an anti-graft campaign, including two former presidents and Vietnam’s parliamentary head.
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