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Monday's Market Minute: Clock Ticking On Microsoft-TikTok Deal

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Monday's Market Minute: Clock Ticking On Microsoft-TikTok Deal

With over 800 million active users worldwide, TikTok is an attractive buy. The Chinese video-sharing social media platform owned by ByteDance was founded in Beijing in 2012 and has been downloaded over 2 billion times on the App Store and Google Play. Launched in the U.S. over two years ago, the app enables users, primarily ages between 16 and 24, to easily produce short creative videos. TikTok’s platform has allowed new marketing influencers to emerge, many with followers in the millions, representing brands like Chipotle Mexican Grill, Inc. (NYSE: CMG), Levi Strauss & Co. (NYSE: LEVI), and the NBA.

Tech giant Microsoft Corporation (NASDAQ: MSFT) has officially confirmed talks to buy TikTok and aims to finish negotiations by September 15. The proposal involves Microsoft owning and operating the app within the United States, Canada, Australia, and New Zealand. Microsoft stated, “This new structure would build on the experience TikTok users currently love while adding world-class security, privacy, and digital safety protections.” This deal would launch Microsoft into the social media market, now dominated by Facebook, Inc. (NASDAQ: FB) and Alphabet Inc (NASDAQ: GOOGL), while also allowing for possible integration with Microsoft’s Xbox. Tune in to the TD Ameritrade Network for updates on the potential deal.

Photo by Kon Karampelas on Unsplash

 

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