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TikTok’s US arm possibly to get sold to Musk
(MENAFN) Chinese officials are reportedly considering the sale of TikTok’s US operations to Elon Musk if the app cannot avoid a ban in the United States, according to a Bloomberg report published on Tuesday. The discussions are still in early stages, with officials in Beijing preferring TikTok to remain under the control of its parent company, ByteDance. However, the potential sale is being explored as a contingency plan to sidestep the looming threat of a ban.
The US government has mandated that ByteDance divest TikTok’s US operations by January 19, 2025, under the 2024 Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), due to national security concerns over potential Chinese government access to user data, which TikTok has consistently denied.
Bloomberg speculates that one potential solution is for Musk’s social media platform X to acquire TikTok’s US arm, which was valued at $40 billion to $50 billion in 2023. However, it remains unclear if any official discussions have taken place between ByteDance, Musk, or Chinese officials regarding the sale. TikTok responded to the report by dismissing it as "pure fiction."
ByteDance is partially owned by the Chinese government, which holds a small stake in the company, but TikTok has maintained that this ownership has no influence on its operations outside of China.
The US government has mandated that ByteDance divest TikTok’s US operations by January 19, 2025, under the 2024 Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), due to national security concerns over potential Chinese government access to user data, which TikTok has consistently denied.
Bloomberg speculates that one potential solution is for Musk’s social media platform X to acquire TikTok’s US arm, which was valued at $40 billion to $50 billion in 2023. However, it remains unclear if any official discussions have taken place between ByteDance, Musk, or Chinese officials regarding the sale. TikTok responded to the report by dismissing it as "pure fiction."
ByteDance is partially owned by the Chinese government, which holds a small stake in the company, but TikTok has maintained that this ownership has no influence on its operations outside of China.
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