Chinese export rules revision gets ByteDance to rethink TikTok sale process: Reports
According to media reports, ByteDance wants to strike a deal that will be ratified by both the US and Chinese authorities
With China updating its export rules to include technologies, ByteDance is said to be now considering the Chinese government’s involvement in the sale dealings of TikTok.
According to media reports, ByteDance Founder Zhang Yiming wants to strike a deal that will be ratified by both the US and Chinese authorities.
In a recent development, Walmart was reported to be in talks with Microsoft for a joint bid to acquire TikTok. In a statement to a media house, Walmart has said that it has opted for the partnership with a view to serve its omnichannel customers, and grow its advertising business and third-party marketplace. The company said that it is confident that the partnership will meet the expectations of US TikTok users and allay the concerns of the US government.
This comes within days of TikTok CEO Kevin Mayer stepping down. Meanwhile, General manager Vanessa Pappas will be taking over as the CEO on an interim basis.
