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Microsoft halts bid to buy TikTok's US operations: Report
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IANS | 03 Aug, 2020
Microsoft has reportedly halted
its bid to buy the US operations of China-based TikTok after President
Donald Trump vowed to ban the short-video making app that has over 80
million monthly users in the country.
According to a report in
The Wall Street Journal, a sale was thought close to agreement "but was
put in doubt after the US president's warning".
Trump on Friday
said that he will ban the popular Chinese-owned video app TikTok from
operating in the country through an executive order.
The report said Microsoft has now paused talks despite TikTok owner ByteDance making last-ditch efforts.
Completion
of such a transaction could make Microsoft a big player in the social
media space as TikTok is hugely popular among the youth.
But the
app, owned by Chinese unicorn ByteDance, is facing a lot of scrutiny in
the US, especially after getting hit with a ban in India in June.
Last week, TikTok unveiled a plan to offer creators $2 billion globally in the next three years.
The
TikTok move came after the media said Instagram is reportedly offering
financial incentives to some popular TikTok creators in a bid to make
them use Reels, a video-music remix feature that the Facebook-owned
platform plans to unveil this month in the US.
Meanwhile, the US
general manager of TikTok said on Saturday that the Chinese-owned
video-sharing app is "here for the long run".
Vanessa Pappas told TikTok users in a video statement that its staff were building "the safest app".
TikTok denies any Chinese control.
The
move to ban TikTok comes at a time of heightened tensions between the
Trump administration and the Chinese government over a number of issues,
including trade disputes and Beijing's handling of the coronavirus
pandemic.
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