Tags: China | tiktok | sale | china | bytedance | cnbc

TikTok Sale Announcement May Be Imminent

the tiktok logo fills a screen
The TikTok app is displayed on an Apple iPhone device. ( Illustration by Drew Angerer/Getty Images)

By    |   Monday, 31 August 2020 06:05 PM

TikTok, the Chinese-owned social media app, has lined up a bidder for its business in the U.S., New Zealand and Australia following President Donald Trump’s executive order earlier this month, CNBC reports.

The top two companies in contention are Microsoft, working in partnership with Walmart, and Oracle. TikTok is expected to sell at a price of $20 billion to $30 billion, according to a CNBC report last week. The financial network notes that even if TikTok does choose a bidder, the Chinese government could hinder the sale. The country updated its technology export list last week to include artificial intelligence programming used by TikTok, and recently said that its Chinese parent company, Bytedance, would have to obtain a license from the government in order to sell TikTok to an American company.

Walmart, which initially partnered with Alphabet and Softbank in a bid for the app, hopes to incorporate it into its e-commerce efforts, but sought out a technology-focused company to lead the deal, eventually settling on Microsoft. A deal would make Walmart the minority owner, and interim TikTok chief executive Vanessa Pappas said last Friday that Walmart offers “a lot of different synergies” with the social media app, in an apparent sign that a deal was near completion.

Microsoft, Walmart and TikTok all declined to comment to CNBC when reached through representatives.

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TikTok, the Chinese-owned social media app, has lined up a bidder for its business in the U.S., New Zealand and Australia following President Donald Trump's executive order earlier this month, CNBC reports....
tiktok, sale, china, bytedance, cnbc
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2020-05-31
Monday, 31 August 2020 06:05 PM
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