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ByteDance out for $60b deal on US TikTok sell

Sun 20 Sep 2020    
| < 1 min read

China’s ByteDance seeks an evaluation of $60 billion for TikTok as Oracle and Walmart take stakes in the short-video app, before its US ban deadline.

The two companies would pay a combined $12 billion for their stakes if they agree to a $60 billion asking price, Bloomberg reported.

ByteDance, TikTok, Oracle and Walmart did not immediately respond to requests for comment on the report.

U.S. President Donald Trump on Saturday said that he supported a deal in principle would allow TikTok to continue to operate in the United States, even as it appeared to conflict with his earlier executive order for China’s ByteDance to divest the video app.

ByteDance is racing to avoid a crackdown on TikTok after the U.S. Commerce Department said on Friday that it would block new downloads and updates to the app from Sunday.

U.S. officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to China’s Communist Party government.

 [Sourced from Reuters]