ByteDance Reconsidering TikTok Options

Walmart Enters the TikTok Purchase War - article

Bytedance, the parent company of TikTok, is reconsidering its options for sale the video sharing app. Bloomberg News had details of the latest twist.

After China signaled it will get involved in any deal’s approval, ByteDance founder Zhang Yiming is reconsidering his options and weighing the implications of Beijing’s involvement, according to people familiar with the matter. The company’s regulatory team and deal negotiators are huddling to discuss whether it’s still possible to craft a sale that can win approval from both governments, an acquirer, venture investors and ByteDance itself, said one of the people, asking not to be named because the matter is private. Microsoft Corp. and Oracle Corp. have been deep in negotiations to buy TikTok U.S., submitting proposals while seeking reassurances from Washington that the Trump administration would bless their purchases. Microsoft is working on its bid with Walmart Inc., while Oracle has won support from venture backers such as Sequoia Capital.

Check It Out: ByteDance Reconsidering TikTok Options

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