TikTok has been facing a lot of hits these days because of its country of origin and data collection practices. The short-video social media platform has already been banned in India and the U.S. government asked it to sell its local business to an American company or face getting banned.
Earlier, it was reported that Microsoft was in talks with ByteDance to acquire the U.S. operations of TikTok. Later, it was reported that a few other companies also held talks for the acquisition, including Twitter and Oracle.
Now, in a new report, CNBC claims that ByteDance, the parent company of TikTok could announce the sale of the U.S. operations in the coming days. However, the exact timeframe has not been revealed yet.
It is being reported that the deal could be worth around $20 billion to $30 billion but the buyer has not been finalized yet. The deal will see ByteDance offload TikTok’s U.S., Canadian, Australian, and New Zealand operations.
The development comes at a time when Kevin Mayer announced that he is resigning from his role as TikTok’s CEO. Mayer had joined TikTok earlier this year. Prior to this, he was heading Disney’s streaming video operations. After his departure, Vanessa Pappas, the head of TikTok’s U.S. business, will run TikTok.