TikTok might have lost a buyer
August started with President Trump announcing that he is banning #TikTok, the Chinese app, on national security concerns. After this, a couple of companies started talks with ByteDance's representatives to possibly buy the whole company.
The first that got President Trump’s approval to negotiate the purchase of the app was Microsoft but later, Twitter and Oracle also jumped in the grand competition.
Alphabet also showed interest in buying minority TikTok shares, but disappeared as unexpectedly as it showed up. According to Bloomberg, the company "considered participating in a group bid for TikTok."
It seems that the deal was about to be secured through CapitalG – a private equity company focusing on late-stage investments but the bid wasn't concluded.
Over the weekend, TikTok announced its plans to sue the #Trump administration executive order that aims to ban it from the US. According to the company, after trying to work things out with the US government it still encountered "a lack of due process as the Administration paid no attention to facts and tried to insert itself into negotiations between private businesses."
The legal journey will resume come this week.
Sources: seekingalpha.com, edition.cnn.com
