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
