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Conflicting reports are coming in about TikTok selling its U.S. stake to Microsoft Corporation (NASDAQ:MSFT) to avoid a possible ban.
What Happened: Reuters said on Saturday that ByteDance had agreed to sell its U.S. stake in TikTok to Microsoft, though neither company confirmed it.
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Later in the day, WSJ reported that the talks on the deal are on hold due to the opposition from White House.
In remarks made on Air Force One, President Donald Trump vehemently opposed the idea and rejected talk of allowing a sell-off. He even suggested invoking emergency executive orders to shut down the app in America.
Why It's Important: ByteDance previously wanted to hold on to a small stake in TikTok, which the White House rejected.
The proposed deal reported this weekend would mean that ByteDance would have to completely forego its stake in TikTok and Microsoft would take over completely.
What's Next: On Twitter, U.S. general manager of TikTok, Vanessa Pappas said: "Tiktok is not going to go anywhere," and assured its 100 million followers that they can continue to use the platform to carry on with their creative pursuits.
Even if ByteDance agrees to a completely forego in its U.S. stake in TikTok, the future of the Chinese app is uncertain after the intervention in the deal by White House.
Related Links: TikTok Is On The Clock As Trump Threatens Ban, Microsoft Mulls Acquisition
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.