Microsoft has revealed that Byte Dance, the parent company of TikTok, is already interested in their current project to buy the app.
Microsoft was able to bring new life to its race to buy the TikTok social media app.
- It was leaked that the technology company Microsoft was trying to buy TikTok.
- Microsoft has revealed that Byte Dance, the parent company of TikTok, is already interested in their current project.
- The idea right now is that Microsoft will own and operate TikTok in the United States, Canada, Australia and New Zealand.
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This comes two days after President Trump announced plans to ban the video-sharing site. Satya Nadella, CEO of Microsoft, reportedly changed his mind during a meeting this weekend.
As of Friday afternoon, it was leaked that technology company Microsoft was trying to buy TikTok. The news flew in the face of the Trump administration, which had been trying for weeks to ban the use for security reasons.
The U.S. government is concerned that the Chinese company is misusing user data. However, U.S. Management had said that selling the app to the company might be compromised enough.
By Friday evening, however, Trump had told reporters he would look into the ban, which could take effect on Saturday.
Fortunately for TikTok stars across the country, Microsoft CEO Satya Nadella was quick to act. Over the weekend, Nadella opened a channel for talks with the president.
Then, on Sunday evening, Microsoft announced in a blog post that it was back on track. The blog post is as follows:
”The importance of addressing President concerns is fully understood by Microsoft. It undertakes to acquire TikTok subject to a thorough security review and to provide the United States, including the US Treasury, with the appropriate economic benefits.”
The post also states that the latest deadline to complete the acquisition agreement is September 15, 2020.
Microsoft has revealed that Byte Dance, the parent company of TikTok, is already interested in their current project.
The idea right now is that Microsoft will own and operate TikTok in the United States, Canada, Australia and New Zealand. The company said it could allow other U.S. companies to buy minority stakes in TikTok if there is enough interest.
Following the announcement, Microsoft’s stake rose nearly 6%.
Before Sunday’s announcement, TikTok responded by posting a definite video message on their site and Twitter.
In the video, TikTok’s U.S. General manager Vanessa Pappas says the company is not going anywhere. The US. He also pointed out that the company plans to employ 10,000 workers in.
Microsoft’s new direction
This acquisition will be a major shift in the direction of Microsoft. For years, the company has chosen to stay away from the social media market instead of focusing on financial and business software.
Snatching the multi-billion dollar social media app that is more popular among the younger crowd than Facebook would be the biggest change in the industry.
This is a great opportunity for Microsoft to expand its market share.