Alice Han

It benefits the billionaire donors around him who now have a seat at the table, have equity in this joint venture.

So I agree with you, James, but I would frame it somewhat differently.

And I think it then begs the question, what happens to these other Chinese apps that are not considered the political golden goose for Donald Trump?

You know, when we think about Xiaohongshu, which is Red Note in the West, or we think about Temu or Xin, some of these other platforms, Chinese platforms in the U.S.

context are

Are they up for a similar kind of regulation?

And what is interesting is that this creates this TikTok USA joint venture framework, I think, creates a template for future deals potentially that is somewhat similar to what we saw historically with Western companies going into China and signing joint ventures.

They can, if you recall, James, back in the day,

They could never own more than 50%.

That was the whole point of a joint venture.

And they had to partner with a local Chinese company.

That is happening now in the reverse, but still the Chinese have all the cards because to your point, James, all they're really sacrificing is the data security, which is going to be stored locally.

I mean, I talked to all kinds of data experts or national security experts.

There were all kinds of backdoors.

They really wanted that data.

And secondly, it's the algorithm that is the most of interest to the Chinese government.

One thing that I will end on is Project Clover in the EU.

and what the EU is going to do.

I think the EU is watching this.

I'm not sure, maybe you have a better view, James, what the EU is going to do to regulate ByteDance, but the EU has the same concerns I think the Americans have had towards ByteDance from a national security, data security perspective.