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BYTEDANCE WAS GIVEN 45 DAYS TO SELL TIKTOK
According to the report in Reuters, ByteDance, the owner of TikTok, was given 45 days to sell the US portion of the application to Microsoft.
Yazar: Tom Roberts
Yayınlanma: 3 Ağustos 2020 15:27
Güncellenme: 13 Nisan 2024 02:04
BYTEDANCE WAS GIVEN 45 DAYS TO SELL TIKTOK
The President of the United States, Donald Trump, announced that they would ban TikTok application in the USA on the grounds of transferring user information to the Chinese Government. According to the report in Reuters, President Trump took a new step both after the pressure of his consultants and after a meeting with Microsoft CEO Satya Nadella. ByteDance, the owner of TikTok, was given 45 days to sell the US portion of the application to Microsoft. TikTok, which has 100 million subscribers in the USA, will offer Microsoft the opportunity to rival giants such as Facebook and Snapchat on social media. Donald Trump disagreed with the idea of having the application taken by Microsoft in a statement Friday. Trump said he was in favor of banning the practice. Therefore, purchasing negotiations were shelved. But Trump, who met with CEO Nadella, was convinced. It was also noted that the pressure of the Republicans and his advisers was effective in this. Now ByteDance has a deadline until September 15 to negotiate with Microsoft.The Microsoft official said in a statement that there is no guarantee of a definitive agreement. “We appreciate President Trump's concerns. After a full security review, we are determined to buy TikTok and provide affordable economic benefits to the USA ”. If the deal is reached, Microsoft will not only take over TikTok's US operation. American technology giant will undertake operations in Canada, Australia and New Zealand. Also, the infrastructure and access of these countries will be separated from ByteDance.
It is not known how much money the parties negotiated. ByteDance's valuation expectation for the application is more than $ 50 billion. However, the fact that Trump introduced a time restriction to sell the US division weakened the Chinese company's trump card. ByteDance's market value was set at $ 140 billion at the beginning of the year, with stock sales to Cheetah Mobile.
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