Time running out for TikTok in the U.S.
Tiktok could be forced to shut down U.S. operations this week
TickTock has been installed more than two billion times on the App Store and Google Play Store. The app is in great demand during the epidemic, with teens and others in the U.S. creating tic-tac-toe videos to spend time at home. Content created by TikTok includes lip sync videos, jokes, dances and more. Several U.S. companies have expressed interest in buying Tic Tac Toe, including Microsoft, Oracle, Twitter and Walmart.
In addition to the September 15 aforementioned executive order signed by Trump last month, TicTac should begin processing the company by September 20 regarding the sale.
Another decision by the US Committee on Foreign Investment (CFIUS) calls for the sale of Tiktok by mid-November. CFIUS is the U.S. regulatory body that eliminates foreign acquisitions of U.S. companies. Bite Dance has filed a lawsuit against the U.S. government, claiming that the U.S. government has violated its due process rights by denying it the right to respond to an executive order filed against it.
The parent company of Tiktok states that in addition to the 100 million users of Tiktok in the United States, the company employs 1,500 Americans. But while Byte Dance was negotiating a deal with some companies, China added at the last minute a new rule restricting the transfer of AI technology out of China. Bite Dance is said to have been blinded by this move. Those involved in the transaction say the AI limit is not to block a transaction, but only to slow one down. Of course, even if Microsoft or Oracle does not allow access to TickTalk’s algorithm, both technology companies are likely to create their own.
Byte Dance initially tried to negotiate a piece of tic-tac-toe in any deal, but the Trump administration did not like the idea. One source said Microsoft and Walmart, which are familiar with the negotiations, would like to partner with a bidder to own the entire business. It is unknown at this time what he will do after leaving the post.
The U.S. business in Tiktok may have an estimate for a $ 20 billion deal. Its global operating value could range from $ 50 billion to $ 100 billion.
- / 2 months ago
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