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.Trump administration officials have said they expect a major U.S. company to lead the TikTok deal and ringfence the app technologically from ByteDance. A U.S.
The sources requested anonymity because the matter is confidential. TikTok and General Atlantic declined to comment, while ByteDance, Microsoft and Oracle did not immediately respond to requests for comment. Trump has said he would support an effort by Microsoft to buy TikTok's American operations if the U.S. government got a"substantial portion" of the proceeds, but has also said there are other credible buyers such as Oracle.The White House has stepped up its efforts to purge what it deems"untrusted" Chinese apps from U.S. digital networks. Beyond TikTok, Trump has also issued an order that would prohibit transactions with Tencent Holding Ltd's messenger app WeChat.
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