TikTok plans on suing the Trump administration

August 25, 2020
TikTok plans on suing the Trump administration

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

This information prepared by ClickTrades.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.

This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.

You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.

This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.

Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of ClickTrades.com.

Recently Added

Most Affected Instruments

microsoft chart
twitter chart
oracle chart
google chart