ByteDance founder Zhang Yiming reconsiders TikTok options after new China rules
ByteDance’s regulatory team and deal negotiators are said to be discussing whether it is still possible to craft a sale that can win approval from both Beijing and Washington
The need for approval from the two governments could push any final deal beyond the November elections in the US
Two women walk near the Beijing headquarters of ByteDance on August 7. China’s revised tech export controls have complicated negotiations for TikTok owner ByteDance to divest the US operation of its popular short video-sharing service. Photo: AP
As US President Donald Trump threatened to ban the operations of hit short video app TikTok in America, Chinese parent ByteDance’s choices seemed to be limited to selling the business for US$20 billion to US$30 billion or leaving empty-handed.
But after China signalled it will get involved in any deal’s approval, ByteDance founder Zhang Yiming is reconsidering his options and weighing the implications of Beijing’s involvement, according to people familiar with the matter.