FAST FIVE: ByteDance Caves To Trump, Agrees To Sell 100% Of TikTok To Microsoft
TikTok influencers pulling up at McDonalds for job interviews after the ban #tiktokban #RIPtiktok pic.twitter.com/pssVP4xj78 – KØDEX (@MoreKODEX) August 1, 2020 China's still-largely-state-controlled corporate sector has enough exposure to the vicissitudes of survival in the ultra-competitive, heavily scrutinized, anti-trust addled world of big tech that the leaders of Bytedance know that this kind of pressure is simply untenable.
Then Friday afternoon, Fox Business – and then the New York Times, and a gaggle of other media orgs – confirmed that Microsoft was in talks to buy the social media platform.
But as it turns out, it looks like Trump's threats have had the desired effect, and ByteDance is now reportedly ready to let go of TikTok, passing 100% control to Microsoft in a deal that would see the app brought completely under the control of the American tech giant.
ByteDance in Beijing did not respond to a request for comment.
The plan allows for another US company other than Microsoft to take over TikTok in the United States, the sources added.