TikTok might announce the US sell off deal soon

TikTok is in talks with many companies in order to sell its US operations. Also it’s businesses in a few other countries like Australia, New Zealand, Canada etc. The deadline is (September 20) as per the Trump administration.

Credits: Timesnownews

QAs per CNBC, TikTok has selected a bidder for its US, Australian and New Zealand businesses. It might announce the deal later today.

For the deal, the top companies are Microsoft in partnership with Walmart and Oracle. According to reports, the sale price of the deal is between $20 billion to $30 billion.

The deal can be slowed down by the Chinese government even if Tiktok has selected a buyer. Also, on Friday China updated its technology export list. This is to include the artificial intelligence technology in use by TikTok.

Over the weekend  the Parent company ByteDance said that they would require a licence from the Chinese government before selling its business to an American company.

Last week Walmart came up as a surprise participant in the list.

As per the reports, Walmart is wanting to be the majority owner in the deal. In the consortium that included Alphabet (Google’s parent company) and SoftBank.

But the US government want  a tech company to lead the deal  as per sources. So, if the deal comes through for the two companies, Walmart will be the minority owner of TikTok.

The TikTok Kevin Mayer resigned last week. As per TikTok’s current interim boss Vanessa Pappas, “synergies with Walmart thanks to new e-commerce tools inside the TikTok app”.

Leave a comment