Post the Trump Administration’s ban on TikTok, its owner ByteDance has decided to sell the app’s U.S. business to Microsoft.
The idea is to turn TikTok into an e-commerce platform for content creators and consumers. Given that Microsoft does not have much experience in the retail sector, Walmart has been brought on board for its e-commerce knowledge and financial power.
The deal is taking place for TikTok’s operations in Canada, Australia, New Zealand and the U.S.A.
A proposal for the deal has to be submitted to the White House by the 15th of September.
More: TikTok likely to announce sale of U.S. operations in the coming days for $20 billion-$30 billion, sources say. https://t.co/wNSN0ZQh9M
— CNBC Now (@CNBCnow) August 27, 2020