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Wednesday, September 2, 2020

A TIKTOK GLITCH

The sale of TikTok has a hiccup. The app’s core algorithms, basically what make TikTok tick, may be excluded from the deal, according to a Wall Street Journal report.

The Chinese government issued new restrictions on Friday that clouded the export of artificial-intelligence technology. TikTok parent ByteDance Ltd. is trying to get clarity on how to proceed; bidders are concerned that the app’s value is significantly less without the algorithms and its value is limited to its user base.

The company’s Bejing fact-finding mission means hopes of an imminent deal have been dashed. The Trump administration ordered Bytedance to sell the platform’s U.S. operations by mid-September. The pairing of Microsoft and Walmart, and an Oracle-led consortium remain the interested bidders for the app, which is expected to fetch around $30b. Stay tuned.

TAGS: TikTok
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