Posted 9 days ago
TikTok in talks with potential buyers as US presses for ban, sources say
Even as TikTok’s Chinese owners publicly resist pressure from the Biden administration to sell the wildly popular video app, conversations between TikTok and potential buyers are heating up, sources told On The Money.
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TikTok is mulling over its options and exploring possible deals it considered when President Trump had threatened to ban the app in 2020, a source close to TikTok told On The Money.
The source wasn’t able to elaborate further, but talks orchestrated by the Trump administration had included a proposal for Oracle — the software giant owned by billionaire Larry Ellison — to partner with Walmart to own a US TikTok subsidiary, taking control of US user data and content moderation.
The talks come as politicians from across the political spectrum – including the progressive flank of the Democratic Party – are calling for a forced divestiture of TikTok from its Beijing-based parent, ByteDance.
Earlier this week, Revolving Door Project, a left-leaning advocacy group, sent a letter to top Democratic senators urging a probe of JPMorgan Chase’s ties to TikTok.
The talks come as politicians from across the political spectrum are calling for a forced divestiture of TikTok from its Beijing-based parent, ByteDance.
The letter – sent to Sherrod Brown (D-Ohio), Ron Wyden (D-Ore.), and Dick Durbin (D-Ill.) who chair the Committee on Banking, Housing, and Urban Affairs; Finance; and Judiciary respectively – called out the nation’s largest bank for actively partnering with TikTok to create payment systems for the app.... (Read more)