FAST FIVE: ByteDance, Microsoft Break Off TikTok Deal Talks
Microsoft was exploring an acquisition of TikTok's operations in the US, people familiar with the matter said Friday.
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.
Some ByteDance investors that are based in the United States may be given the opportunity to take minority stakes in the business, the sources added.
In the end, it looks like Trump was simply using the bully pulpit to ensure America's national security priorities are respected by the market.