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The US Department of the Treasury stated that it wants to resolve national security concerns posed by TikTok. The statement came one day after ByteDance, the parent company of TikTok, challenged the Executive Order on divestiture from the company in court. While not agreeing with the US Department of the Treasury that it poses a security threat, ByteDance said that its latest proposal would address US security concerns 'by creating a new entity, wholly owned by Oracle, Walmart, and existing US investors in ByteDance, that would be responsible for handling TikTok's US user data and content moderation.'
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