https://www.entrepreneur.com/article/354107

President Donald Trump plans to employ the Council on Foreign Investment in the United States (CFIUS) to force China’s ByteDance Ltd. to divest its ownership of TikTok, Bloomberg reports. The announcement could come as early as Friday, and it follows a CFIUS security review of TikTok and its parent company last fall.

ByteDance bought Musical.ly Inc., a lip-sync app, for $1 billion in 2017 and merged it with TikTok to create the social media phenomenon it has become in the U.S. However, select politicians and some members of the public have found issues with the company’s privacy practices and ByteDance's alleged relationship with the Chinese Communist Party.