Buyers are starting to raise their hands for what could be one of the biggest and most tense geopolitical sales in recent history.
The US House of Representatives passed a bipartisan bill this week that would effectively ban TikTok in the US unless parent company ByteDance can find a US-based buyer within six months of passage.
The bill still needs to be passed by the Senate and signed by President Joe Biden, but all signs point to likely passage.
The hugely popular social media platform's operations in the US are valued at between $35 billion and $40 billion, meaning finding a deep-pocketed buyer will be a challenge. And with more than 170 million users in the US alone, companies like Meta, Google and Microsoft may be the only ones providing funding, making any tech giant vulnerable to antitrust laws. He will probably have some concerns.
And even if the law passes, TikTok appears to be preparing for litigation. Users are already encouraged to contact their local representatives to voice their objections.
There is also the possibility of intervention by the Chinese government.
According to the New York Times, when Washington lawmakers called for TikTok to be sold in 2020, China's Commerce Ministry said they needed government approval. Then-Chinese Foreign Minister Wang Wenbin also said that the United States “relies on hegemonic means when it cannot succeed through fair competition.”
Therefore, the prospect of TikTok becoming an American company remains theoretical at best.
However, that didn't stop some people from publicly expressing their interest in purchasing the platform. Here's a rundown of everyone vying to become TikTok's next owner so far.
FORMER TREASURY SECRETARY STEVE MNUCHIN
The former finance minister said Thursday that he is putting together an investor group to buy TikTok.
"I think the bill should be passed -- I think it should be passed," Mnuchin told CNBC, in contrast to his former boss, President Donald Trump, who has said he opposes the bill.
“I understand this technology. This is a great deal. And I'm putting together a team to buy TikTok," Mnuchin said. He did not name specific names, but said the group would be "organized in such a way that no single investor controls it."
ORACLE COFOUNDER LARRY ELLISON AND WALMART
In 2020, after former US President Donald Trump issued two executive orders calling for the transfer of TikTok's US operations to US companies, Oracle and Walmart joined forces to acquire stakes in a US spin-off. off to look. TikTok defied President Trump's order in court. But the company has also partnered with Oracle on Project Texas, an attempt to redirect U.S. user data to Oracle-owned servers.
Following the passage of the bill, these companies have not yet announced whether they will submit new proposals.
ENTREPRENEUR AND INVESTOR KEVIN O'LEARY
The Shark Tank investor said in an interview with Fox News last week that he would buy the site or join a syndicate that wants to buy it.
"There won't be a ban because I'm taking it," O'Leary said. “Someone will buy it. It won't be Meta, it won't be Google, because... the regulator will shut it down."
O'Leary also proposed the creation of a bipartisan commission to reform the agency and bring it under American control.
“It costs billions. It is one of the most successful social media advertising platforms today,” said O’Leary. "All my companies use it, and I buy it."
FORMER ACTIVISION CEO BOBBY KOTICK
According to the Wall Street Journal, the former CEO of gaming giant Activision attended the Sun Valley conference last week, citing sources familiar with the conversations. He apparently approached OpenAI CEO Sam Altman at a dinner party with the idea of buying TikTok.
0 Comments