Tag: balked

INSIGHT-How ByteDance’s CEO balked at selling TikTok’s U.S. business

Sept 15 (Reuters) – ByteDance founder and CEO Yiming Zhang’s decision to drop his pursuit of a sale of TikTok’s U.S. operations to Microsoft Corp in favor of a partnership with Oracle Corp was the culmination of weeks of pressure from China’s government and the Beijing-based firm’s investors, according to people familiar with the deliberations.

China’s opposition to a forced sale of TikTok, as well as concerns by major ByteDance backers such as Sequoia and General Atlantic over the financial hit of selling the popular short-video app in the United States for less than what it is worth, led Zhang to opt for the sale of only a stake to Oracle, rather than an outright divestment, the sources said.

It is a risky strategy. President Donald Trump has made it clear he wants to see an outright sale of TikTok to a U.S. technology company, amid concerns by national security

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How ByteDance’s CEO Balked at Selling TikTok’s U.S. Business | Top News

By Echo Wang, Keith Zhai and Joshua Franklin

(Reuters) – ByteDance founder and CEO Yiming Zhang’s decision to drop his pursuit of a sale of TikTok’s U.S. operations to Microsoft Corp

in favor of a partnership with Oracle Corp

was the culmination of weeks of pressure from China’s government and the Beijing-based firm’s investors, according to people familiar with the deliberations.

China’s opposition to a forced sale of TikTok, as well as concerns by major ByteDance backers such as Sequoia and General Atlantic over the financial hit of selling the popular short-video app in the United States for less than what it is worth, led Zhang to opt for the sale of only a stake to Oracle, rather than an outright divestment, the sources said.

It is a risky strategy. President Donald Trump has made it clear he wants to see an outright sale of TikTok to a U.S. technology

Read More

How ByteDance’s CEO balked at selling TikTok’s U.S. business

(Reuters) – ByteDance founder and CEO Yiming Zhang’s decision to drop his pursuit of a sale of TikTok’s U.S. operations to Microsoft Corp MSFT.O in favor of a partnership with Oracle Corp ORCL.N was the culmination of weeks of pressure from China’s government and the Beijing-based firm’s investors, according to people familiar with the deliberations.

FILE PHOTO: Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. REUTERS/Shannon Stapleton

China’s opposition to a forced sale of TikTok, as well as concerns by major ByteDance backers such as Sequoia and General Atlantic over the financial hit of selling the popular short-video app in the United States for less than what it is worth, led Zhang to opt for the sale of only a stake to Oracle, rather than an outright divestment, the sources said.

It is a risky strategy. President Donald Trump has made

Read More