TikTok was banned in India back in June, after which US President Trump also signed an executive order that aims to ban the video-sharing platform in the country. Meanwhile, other countries like Japan are also planning to do the same.
The bans and the growing anti-China sentiment have begun to wreak havoc on the Chinese parent of the app, ByteDance. This is why it is now said to be in early investment talks with Reliance Jio to handover TikTok’s business in India.
According to TechCrunch sources, Reliance Jio Platforms might end up acquiring a piece of TikTok’s business in India, which could hopefully turn around ByteDance’s profits in the country.
The report says ByteDance and Reliance Jio began their investment conversation late last month and are yet to finalize a deal.
We haven’t heard officially about the same from either TikTok or ByteDance. Hopefully, we will get to hear more about it in the future.
TikTok Ban Has Wreaked Havoc For ByteDance
Ever since TikTok was banned in India, ByteDance has been looking for a way to overcome the ban and re-enter its largest market. It has previously claimed to have over 200 million daily active users. As per the report, TikTok’s India unit is valued at over $3 billion.
Meanwhile, in the US, Microsoft is said to be in talks to acquire all of TikTok’s global businesses, which would include India, the US, Canada, Australia, and New Zealand. Even Twitter had an initial discussion with TikTok to merge its business with the Chinese app.
But recently, there was an ugly spat between Trump advisors over TikTok ban, after which we heard another rumor that TikTok might sue the White House. Reportedly, the lawsuit contends that Trump’s executive order is unconstitutional since it violates TikTok’s right to undergo a due process to respond to the charges.
The post Reliance Jio Could Buy TikTok’s India Business Amidst Multiple Bans appeared first on Fossbytes.
Reliance Jio Could Buy TikTok’s India Business Amidst Multiple Bans
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