"TikTok, owned by the Chinese company ByteDance, has been at the center of controversy in the U.S. for four years now due to concerns about user data potentially being accessed by the Chinese government. Earlier this year, the app experienced a temporary outage in the U.S. that left millions of users in suspense before it was quickly restored. TikTok returned to the App Store and Google Play Store in February."
"A number of investors are competing for the opportunity to purchase the app, and if a deal were to go through, the platform's U.S. business could have its valuation soar to upward of $60 billion, as estimated by CFRA Research's senior vice president, Angelo Zino. Following extensive discussions and after Trump extended the TikTok ban deadline for the fourth time, it seems that progress has been made."
TikTok is owned by ByteDance and has faced four years of U.S. controversy over concerns that user data could be accessed by the Chinese government. Earlier in the year, a temporary U.S. outage disrupted millions of users before services were restored and the app returned to app stores in February. Multiple investors are competing to buy TikTok's U.S. operations, and CFRA projects the U.S. business could exceed $60 billion. A U.S.-China framework deal has been established and a potential consortium including Oracle, Silver Lake, and Andreessen Horowitz may oversee U.S. operations. The timeline dates back to August 2020 executive actions and ensuing legal and congressional actions through April 2024.
Read at TechCrunch
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