(Bloomberg) -- ByteDance Ltd. would prefer to spin off video-sharing app TikTok rather than sell it to Microsoft Corp., the South China Morning Post reported on Sunday, citing a person familiar with the deal.
U.S. President Donald Trump threatened to ban the app on Friday, citing concerns over privacy and data.
Microsoft was said to be in talks to buy TikTok, but Dow Jones reported on Saturday that those negotiations were on hold. According to the SCMP, TikTok's owners would prefer to create an independent company rather than selling to a U.S. company.
Almost everyone in the room favors a TikTok spinoff, the SCMP reported, with only ByteDance founder Zhang Yiming unsure.
“But even for Zhang himself, there's really no other option because the app will be killed if you don't let it go,” the SCMP cited the personal familiar as saying.
To view the source of this information click here
©2020 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
