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Tech companies place bids to buyout TikTok

FILE – In this July 21, 2020 file photo, a man opens social media app ‘TikTok’ on his cell phone, in Islamabad, Pakistan. (AP Photo/Anjum Naveed, File)

OAN Newsroom
UPDATED 3:00 PM PT – Saturday, August 29, 2020

As the deadline to sell popular entertainment app TikTok draws closer, multiple companies have shown interest in a possible buyout.

TikTok rival company Triller confirmed their $20 billion bid on Saturday. Triller has partnered with British investment firm Centricus to present a united front in the buyout war for the app.

The company has gained traction in recent weeks and may be hoping to merge its system with the Chinese social media app.

According to Triller’s executive chairman, the offer was submitted directly to the chairman of TikTok’s parent company, ByteDance.

Microsoft and Walmart have also been in talks with the company, similarly uniting to purchase the company in a joint effort. The companies apparently see the collection of user data as a major source of revenue.

“TikTok is making money out of this because of the ads, because of the information they’re targeting and collecting. So, this is where the treasure is. It’s the data itself. Microsoft, they’re looking at that and they consider this one as, ‘This is great. This is will be our competition to the big names in the social media.’” – Ahmed Banafa, cybersecurity professor at San Jose State University

Oracle has also voiced a desire to purchase the Chinese app, acting as a dark horse in the race to buy the app. The company has reportedly held preliminary talks with Bytedance. They will possibly partner with venture capital firms, such as General Atlantic and Sequoia Capital.

Deals continue to pour in as concerns mount over meeting the sale deadline.

ByteDance, however, is not too worried. The company issued a statement recently, which reaffirmed they are “confident they will reach a resolution that ensures TikTok is here for the long run.”

RELATED: President Trump Supports Oracle’s Bid For TikTok

Read More: Tech companies place bids to buyout TikTok

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