China-based app TikTok and its parent company ByteDance is now reportedly into corrective measure followed by the ban in countries like India and the US which draw the major share of the revenue.
While the White House confirmed that they are in talks with Microsoft and ByteDance, reports over Indian acquisition of the Chinese app has been doing rounds, of late.
Reliance Industries is in early talks with ByteDance early discussions for backing TikTok’s business in India. Media reports confirmed that the two companies are holding a series of talks from last month but couldn’t reach a deal due to unknown reasons.
It was learnt that reliance has quoted a whopping amount of over $3 billion and TikTok is not in terms with this quote.
While the either TikTok India, ByteDance or Reliance refused to respond on the acquisition reports, more than 2,000 employees working for TikTik in India have put down the papers as the platform stares at an uncertain future due the ban.
Market analysts stated it as a gold phase for Reliance since late April this year as the Indian giant’s digital venture has raised about $20 billion from 13 high-profile investors, including Facebook and Google.
The Indian government in June banned 59 Chinese apps, including TikTok and WeChat, for threatening its “sovereignty and integrity” after border tensions with China. Last week, US President Donald Trump unveiled bans on US transactions with the China-based owners of messaging app WeChat and TikTok, escalating tensions between the two countries.