Proposed deal would see Microsoft take over TikTok in US, insiders say, after president said he would ban video app
China’s ByteDance has agreed to divest the US operations of TikTok completely in a bid to save a deal with the White House, after Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.
ByteDance was previously seeking to keep a minority stake in the US business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft would take over TikTok in the United States, the sources said. Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added.
Continue reading…Proposed deal would see Microsoft take over TikTok in US, insiders say, after president said he would ban video appChina’s ByteDance has agreed to divest the US operations of TikTok completely in a bid to save a deal with the White House, after Donald Trump said on Friday he had decided to ban the popular short-video app, two people familiar with the matter said on Saturday.ByteDance was previously seeking to keep a minority stake in the US business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft would take over TikTok in the United States, the sources said. Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added. Continue reading…