Deadline is approaching..!? What is the situation with TikTok..?

Sowmiya Sriram
Deadline is approaching..!? What is the situation with TikTok..?

The list of companies interested in buying TikTok's US business is getting longer by the day. This weekend, the deadline for TikTok's parent company, ByteDance, to choose a customer to buy TikTok is approaching, so it is imperative to make a decision soon. In this situation, although many are competing to buy TikTok, a consortium led by amazon and OnlyFans founder Tim Stokesley has joined the auction, and the competition has heated up in a big way. According to the US government's order, TikTok must get a customer outside china by april 5. Otherwise, TikTok risks being banned in the US. The US government and judges have raised data security concerns about TikTok's links to China. Both TikTok and its parent company ByteDance have strongly denied the allegations, but the US government has not lifted the ban.
It has been confirmed that amazon has sent a letter to Vice President J.D. Vance and Commerce Secretary Howard Lutnick expressing its interest in buying TikTok. Amazon's stock price rose by about 2 percent after the news broke. amazon has long aimed to build a social media platform. In 2014, it acquired live streaming platform Twitch for about $ 1 billion. It is also worth noting that in 2013, it acquired the book review site Goodreads. However, it has not been able to achieve much success in this category. amazon had been experimenting with Inspire, a TikTok-like video and photo platform, but it shut it down earlier this year. Meanwhile, US venture capital firm Andreessen Horowitz is in talks to buy out TikTok's Chinese investors. The trump administration has given ByteDance a deadline of Saturday, april 5, to sell TikTok, or data-face a US ban.
For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

tiktok

Related Articles: