ByteDance investors are in talks to use their stakes in the Chinese technology firm to help finance their bid for its popular short-video app TikTok, according to people familiar with the matter.
The TikTok assets for sale could be worth between US$25 billion and US$30 billion, the sources said. To help fund their bid, the ByteDance investors are discussing exchanging some or all of their stakes in the Chinese company with equity in the TikTok assets, according to the sources. Microsoft is working on a blueprint on how TikTok would be separated operationally from ByteDance after a deal is reached, which the Redmond, Washington-based company has said it hopes to ink by Sept. 15, the sources added. CFIUS would then monitor the implementation of the deal under a lengthy transition period, according to the sources.
While TikTok is best known for its anodyne videos of people dancing and going viral among teenagers, U.S. officials have expressed concerns that information on users could be passed on to China's communist government.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: The Straits Times - 🏆 8. / 63 Read more »