TIKTOK, WECHAT BANS IMMINENT IN U.S. (UPDATE)

UPDATE: Ahead of Sunday's removal from app stores, barring any American from downloading the app, TikTok has issued a statement on their disappointment in the U.S. officials' decision. The app is currently #1 on Apple's App Store.

pic.twitter.com/rSOObhiSZg

— TikTok_Comms (@tiktok_comms) September 19, 2020

Business transactions and downloads of TikTok and WeChat will be banned come Sunday by the Commerce Department.While announcing the ban on Friday, President Trump is expected to make a statement on whether Oracle’s deal for TikTok will get the government’s OK.

Currently, Oracle and Walmart are working on a plan to create an ownership structure that would give the U.S. companies a majority stake in the popular app, according to a Wall Street Journal report. In the plan, an IPO for TikTok would be filed in about a year, according to the Journal report.

The government ban means the apps would be removed from online stores and U.S. companies could not use the services of either Bytedance-owned app come Sunday night.

The Commerce Department also set 11/12 as a date whereby U.S. companies would be blocked from providing Internet hosting and services for TikTok. If nothing else, that gives TikTok and Oracle nearly two months to iron out a deal.

Commerce Secretary Wilbur Ross said in an interview on Fox Business Network that the ban would initially impact WeChat and TikTok will be allowed to function until 11/12. “The only real change as of Sunday night will be users won’t have access to improved updated apps, upgraded apps or maintenance,” Ross said.

There are also rumors of ByteDance's search for a new CEO in light of Kevin Mayer's abrupt exit. Instagram founder and former CEO Kevin Systrom is supposedly being considered for the gig.

How will the kids respond to all this? We have some idea.