TikTok has selected its final buyer: selling at a low price to an American company

There has been new progress in the sale of TikTok's overseas business.

According to foreign media reports, TikTok has selected the final buyer for its business in the United States, New Zealand and Australia. The transaction amount is between US$20 billion and US$30 billion and will be announced before the weekend at the earliest.

It is not yet clear which American company or companies will have the final say, but it seems that the Microsoft + Walmart combination or Oracle is more likely to win.

Oracle hopes to pay ByteDance $10 billion in cash, $10 billion in Oracle stock, and half of TikTok's profits in two years as chips. In 2019, TiTok's revenue was $17 billion, with more than 800 million active users and a valuation of up to $100 billion.

However, last week, the country promulgated a clause to restrict the export of "personalized information push service technology based on data analysis". Subsequently, some industry insiders interpreted this as possibly involving the protection of TikTok's algorithm technology, which covers at least 15 million lines of machine learning Java code.

It is reported that ByteDance must complete the sale of its US business before November 12, otherwise it will face closure.