India’s richest man is reportedly in talks with ByteDance, the Chinese company that owns TikTok, to buy TikTok’s India business.
According to TechCrunch, ByteDance approached billionaire Mukesh Ambani, who owns Reliance Industries, an Indian multinational conglomerate company, in July.
Undoubtedly, ByteDance had a huge setback in June when TikTok was banned by India, along with other 58 Chinese apps. India cited “national security concerns" as its reason for no longer allowing the apps. India was TikTok's biggest foreign market with over 200 million users.
And if that isn't enough, on August 6, Trump signed an executive order that will ban TikTok in the U.S. unless it is sold to an American company. The Trump administration believes that TikTok could share user's data with the Chinese government.
On the other hand, tech giant Microsoft (MSFT) - Get Report has said that it is in talks to purchase TikTok. However, social media giant Twitter (TWTR) - Get Report is also reportedly interested in buying the app.
As TikTok struggles nationally and abroad, Facebook (FB) - Get Report has been quick to capitalize on the video platform's moment of weakness. Last week, Facebook launched Instagram Reels in the U.S and in over 50 countries. TikTok CEO Kevin Mayer slammed Reels as a "copycat product."
Both ByteDance and Reliance Industries did not immediately respond to requests for comment.
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