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TikTok asking for US$60 bil valuation in respond to US ban

   Bytedance, the company that owns the wildly popular video sharing app TikTok, is asking for a valuation of US$60 billion for the sale of ...

  

Bytedance, the company that owns the wildly popular video sharing app TikTok, is asking for a valuation of US$60 billion for the sale of TikTok. There appears to be negotiation with Oracle Corp and Walmart over its transition process as a US based entity.

At the moment, the US ban of China's application including WeChat is strongly opposed by China's Commerce Ministry as the opposing country is seeking sanctions against US as a response in this global trade war. China sees this as an act of bullying from the US as US claims these two apps owned by Chinese companies disrupts the normal market order with China responding the lack of sufficient evidence to back these claims.

It is with firm affirmation from TikTok that the company can be sold without its algorithm being a part of the transactions to be in line with China's trade regulatory laws. US President Trump's action means TikTok and WeChat app will not be downloadable from popular app stores starting 20th Sept 2020 with newer versions being unable to be upgraded as well. However, current existing users are still able to enjoy using the service as normal without disruptions.

1 comment

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