The Chinese origin ByteDance owned TikTok has been sold to a U.S. corporation, official announcement naming buyer will come by end of today
The rivetting TikTok drama will end today. The Chinese origin short video uploading App had been at the center of the vicious United States vs China fight for the past two months. In the last week of August 2020, President Trump issued an ultimatum for the ByteDance owned TikTok to find a new American owner or ship out.
After all the rumor-mongering, the fate of the popular Chinese App will end today, as ByteDance is ready to announce who its mysterious new owner is going to be but just not yet. According to a report from CNBC, TikTok and the proposed buyers have reached an agreement, and an announcement in this regard should be released by the end of today.
We had reported how Microsoft along with Walmart had evinced interest in buying TikTok App operations in the United States, Canada, Australia, and New Zeland. Despite CNBC not naming the buyer, you can bet your last penny on Microsoft and Walmart are now the official owners of the TikTok video uploading App.
ByteDance will emerge $30 billion richer from the deal as per leaks.
Microsoft and Walmart new owners of TikTok?
Microsoft was one of the first companies to confirm their interest in TikTok, explaining that an announcement was expected by September 15. “Microsoft will move quickly to pursue discussions with TikTok’s parent company, ByteDance, in a matter of weeks, and in any event completing these discussions no later than September 15, 2020. During this process, Microsoft looks forward to continuing dialogue with the United States Government, including with the President,” the software giant said in a press statement in early August.
At the same time, Microsoft promised it would move the data of American users to the United States and store it on local servers for better security and privacy.
“Microsoft would ensure that all private data of TikTok’s American users is transferred to and remains in the United States. To the extent that any such data is currently stored or backed-up outside the United States, Microsoft would ensure that this data is deleted from servers outside the country after it is transferred,” it said.
Walmart joined Microsoft in the deal but TikTok itself has remained completely tight-lipped on the acquisition.