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ByteDance offers to forego stake in TikTok to clinch US deal
- Monday | 3rd August, 2020
ByteDance was previously seeking to keep a minority stake in the US business of TikTok, which the White House had rejected. Under the new proposed deal, ByteDance would exit completely and Microsoft Corp would take over TikTok in the United States, the sources said. Continue to share your voice here and let’s stand for TikTok,” TikTok US general manager Vanessa Pappas said in a video published on the app on Saturday. The plan allows for a US company other than Microsoft to take over TikTok in the United States, the sources added. ByteDance acquired Shanghai-based video app Musical.ly in a $1 billion deal in 2017 and relaunched it as TikTok the following year.
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