Wednesday, May 12, 2021
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Microsoft suspends negotiations to acquire TikTok


Microsoft has suspended negotiations with the Chinese ByteDance, which owns the TikTok service, to acquire a stake in the American division of the social network after Donald Trump announced the possible closure of the entire service, the Wall Street Journal writes, citing sources.

Earlier, the New York Times also reported, citing sources, that Microsoft is in talks with ByteDance to acquire TikTok. Subsequently, Trump announced that he planned to ban TikTok in the United States. Bloomberg also reported that at least one other large company besides Microsoft, as well as investors, are interested in buying a stake in the social network from the Chinese ByteDance.

According to WSJ, the negotiations are not over, the parties are awaiting the announcement of the White House’s position. A spokesman said on Saturday that the administration continues to evaluate future policies for the Chinese app and suggests TikTok could pose a national security threat.

On Saturday, it became known that ByteDance offered to sell its stake in its American branch in order to prevent the ban of the social network in the United States after Trump’s threat.

TikTok is an app for creating and watching short videos. Released in 2018, it is the leader in the short video app segment in China and is gaining popularity around the world.

Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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