Currently, the Chinese-owned TikTok app is not available in the US App Store for iPhone users due to the company’s inability to transfer ownership to a US entity before last week’s enforcement of the ban.
Nonetheless, negotiations are reportedly ongoing to transition TikTok to new ownership, which could facilitate its return to the App Store. However, no agreements are close to being settled at this time.
According to NPR, the White House is actively participating in discussions that may result in Oracle, along with a consortium of external investors, acquiring TikTok. The existing parent company, ByteDance, would maintain a minority interest.
This potential agreement appears to aim for TikTok’s global operations to be primarily under US control, rather than splitting TikTok into different entities for the US and other markets.
Oracle’s familiarity with TikTok is noteworthy as they have previously shown interest in collaboration. The cloud service provider already supplies vital web infrastructure for TikTok’s backend and was in talks about acquiring TikTok in partnership with Walmart four years ago during the Trump administration.
One significant obstacle is navigating the financial aspects of the deal. TikTok is reportedly eyeing a valuation in the hundreds of billions of dollars, a substantial amount that most companies would struggle to finance independently. Trump had suggested previously that the government might consider taking a stake, leading to a potentially partially nationalized TikTok, though it remains uncertain if this is a feasible option at present.
For now, here’s where things stand.
For users in the US utilizing the popular short-form video platform, TikTok continues to function normally if the app is already installed on their iPhone or Android devices. However, since the app is not listed in the App Store, users cannot receive updates, and if they uninstall it, they will be unable to reinstall it. This also means that new phone purchases cannot include TikTok from the App Store.
TikTok is still accessible in all other regions around the world.
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