As the legal drama over TikTok’s ownership escalates, the potential sale of the social media giant has attracted interest from a diverse array of sectors, keen on tapping into its vast US user base of 170 million.
The urgency to sell follows US President Joe Biden’s recent legislation requiring TikTok's Chinese parent company, ByteDance, to divest its stake, sparking widespread speculation about possible buyers, according to CNN.
Tech heavyweights like Meta and Google, however, are expected to stay on the sidelines due to existing antitrust concerns. Analysts believe that any acquisition attempts by these firms could trigger serious regulatory scrutiny, further complicating their already delicate positions within ongoing antitrust investigations.
Meanwhile, Microsoft, which previously attempted to purchase TikTok in 2020, may re-enter the fray. Given its successful track record in handling antitrust issues and the absence of a similar platform in its digital portfolio, Microsoft is considered a strong contender. Oracle, another former interested party, is also seen as a possible buyer, having shown interest in the past.
Adding a twist to the saga, former Trump administration Treasury Secretary Steven Mnuchin has announced his intention to form an investment group to bid for TikTok. This move has stirred controversy due to Mnuchin's involvement in past efforts to ban the app, with critics questioning potential conflicts of interest.
Venture capitalist Kevin O'Leary, chairman of O'Leary Ventures, is another potential bidder, albeit with specific stipulations, including the exclusion of TikTok’s proprietary algorithm from the acquisition.
The looming sale of TikTok not only signifies a major business transaction but also highlights critical issues surrounding data privacy, national security, and corporate dominance in the tech sector. As the acquisition battle unfolds, the future of one of the world's most popular social media platforms remains uncertain, with prospective buyers carefully considering the implications of such a significant undertaking.