TikTok has reportedly chosen a bidder for its U.S., New Zealand and Australian business, and the deal could be announced Tuesday.
- The top contender remains Microsoft (who has linked up with Walmart) and Oracle.
- The sale price could be between $20 billion and $30 billion.
However, the deal could hit a snag because of the Chinese government, according to CNBC.
- China updated its technology export list to includ artificial intelligence technology, which is used by TikTok.
- ByteDance — the parent company of TikTok — said it would need a license from the Chinese government so it could sell the company, per CNBC.
Which way is TikTok leaning?
According to The New York Times, sources close to the deal are unsure which bidder will secure the deal. And another bid could still work its way into the negotiations.
- A Microsoft and Walmart deal would turn TikTok into something of an e-commerce app, which would allow people to sell and share products easily.
- An Oracle-owned TikTok would allow the software company to “use TikTok’s data about social interactions to benefit its cloud, data and advertising businesses,” according to The New York Times.