According to Reports: Twitter, TikTok in talks for a possible merger
Microsoft has been negotiating for weeks with TikTok’s
owner, Beijing-based ByteDance Ltd. and is considered the front-runner for any possible deal, according to the people.
Twitter Inc has held early talks about a potential
combination with TikTok, the Chinese-owned video-sharing app that the Trump the administration has declared a national-security threat, Dow Jones reported,
citing people familiar with the matter.
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It’s unclear whether Twitter will pursue a deal, which would
involve TikTok’s US operations, the people said. Because Twitter is much
smaller, the San Francisco-based social media company has reasoned it probably
wouldn’t face the same level of antitrust scrutiny as Microsoft Corp or other
potential bidders, people familiar with the discussions told Dow Jones.
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Microsoft has been negotiating for weeks with TikTok’s
owner, Beijing-based ByteDance Ltd., and is considered the front-runner for any
possible deal, according to the people. Microsoft CEO Satya Nadella spoke with
President Donald Trump about the matter a week ago.
A TikTok spokesperson said the company doesn’t comment on
“market rumors,” in response to an inquiry on Dow Jones' report.
Twitter’s market capitalization is about $29 billion,
smaller than Microsoft’s at more than $1.6 trillion. Twitter would almost
certainly need help from other investors if it does buy TikTok, Dow Jones said,
though it counts private-equity firm Silver Lake among its investors.
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Twitter CEO Jack Dorsey has had a failed attempt at the short-form video: it shut down the Vine app in 2016, four years after acquiring
it, as part of an effort to cut costs. The company has recently been under
attack by President Trump, who said that Twitter and Facebook Inc. are unfairly
censoring him. Both platforms blocked a video shared by accounts linked to
Trump for violating their policies on coronavirus misinformation.
TikTok plans to file a federal lawsuit as soon as Tuesday to challenge President Trump's executive order banning the video-sharing service from the US as unconstitutional. TikTok responded to the ban in a blog post on Friday, saying it was “shocked” and would pursue all remedies available.
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