The company behind TikTok, ByteDance, is exploring the possibility of
selling the app as it looks to fight the reported national security
allegations from the US Government.
TikTok had been in the news when it emerged that the US Government is
looking to sue for harvesting data and providing user data to China.
Currently, the company is mulling several options to defend itself
against this allegation, such as aggressive denial and trial in courts
to operational separation from TikTok itself.
ByteDance, according to reports, is probing the possibility of
selling its majority stake in TikTok. This could net the company $10
billion after the app’s valuation increased as its usage exploded around
the globe. It has even featured on multiple lists showcasing the
world’s most valuable startups. Sadly, due to the strain in the
relationship between the US and China due to the trade war is impacting
its operations and future growth.
If ByteDance was to sell TikTok, the most rational option would be to
offer up a majority stake to its financial investors including
companies like SoftBank, Sequoia Capital and Susquehanna International.
There has been news that even the US army is investigating the app over
its handling of user data and how it puts military information and
practices.
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