Two separate reports confirmed on Thursday that both have said no to a potential acquisition of TikTok’s U.S. operations, leaving the clock ticking for TikTok owner ByteDance on what to do ahead of U.S. President Donald Trump’s Aug. 6 executive order giving the it 45 days to either sell its operations to a U.S. firm or face a ban in the country.
Trump has called the Chinese-owned short-video app and messenger app WeChat "significant threats" to U.S. national security. TikTok has sued the Trump administration over the order, arguing it is not a national security threat and calling the order an abuse of the International Emergency Economic Powers Act, which can be invoked to ban activities that present an "an unusual and extraordinary threat."
For its part, TikTok has tried to solidify its stronghold in the U.S., promising to create 10,000 jobs over the next three years and kicking off a $200 million “Creators Fund” to support content creators who are seeking opportunities to foster a livelihood on the app.
Microsoft (MSFT) - Get Report and Oracle (ORCL) - Get Report are currently the front runners who have shown interest in buying TikTok. Twitter (TWTR) - Get Report has also approached the company regarding a potential deal.
Meantime, government officials building an antitrust case against Google are investigating whether the company engages in a practice known as tying — making the sale of one product conditional on the purchase of another product.
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