ByteDance chief reconsiders TikTok options after new China rules

After China signalled it will get involved in any deal’s approval, Zhang is reconsidering his options and weighing the implications of Beijing’s involvement, according to people familiar with the matter. — AFP

As Donald Trump threatened to ban the US operations of the hit app TikTok, Chinese parent ByteDance Ltd’s choices seemed to be limited to selling the business for US$20bil (RM82.85bil) to US$30bil (RM124.27bil) or leaving empty-handed.

But after China signalled it will get involved in any deal’s approval, ByteDance founder Zhang Yiming is reconsidering his options and weighing the implications of Beijing’s involvement, according to people familiar with the matter. The company’s regulatory team and deal negotiators are huddling to discuss whether it’s still possible to craft a sale that can win approval from both governments, an acquirer, venture investors and ByteDance itself, said one of the people, asking not to be named because the matter is private.