ByteDance’s Video platform TikTok is facing a tough time as its major markets around the world started banning it over privacy concerns. Because of which the company is in the early phase of negotiations with India’s Reliance for investment in its TikTok’s business in India, according to a reliable source.
ByteDance in Negotiations with Reliance and Other Platforms for Investment in TikTok
According to the report, the two giant companies started conversations late last month and have not struck a deal yet. However, Reliance, ByteDance, and TikTok did not directly respond to Reuter’s requests for comment.
The two major markets of TikTok were India and the United States of America. Interestingly, both the countries have put a ban on the video platform, The Indian government in June banned 59 Chinese apps after skirmishes took place between them and their Chinese counterparts. The apps which were banned in India include TikTok and WeChat, for threatening the country’s “sovereignty and integrity”.
In addition to that, recently, US President Donald Trump imposed a ban on US transactions with the China-based owners of messaging app WeChat and TikTok, escalating tensions between the two superpowers of the world.
Moreover, there is another interesting side to the story. Many big companies are seeking to buy shares in TikTok. Like, Microsoft has been in talks to acquire the US operations of the video-sharing app. Along with that, the social media platform Twitter has also shown interest in having a deal with TikTok, according to a source.
TikTok’s US operation is estimated at tens of billions of dollars but experts believe a possible Twitter deal would face less regulatory scrutiny than Microsoft’s.