Economy

SoftBank eyes TikTok India unit

SoftBank eyes TikTok India unit”

Microsoft and Oracle are among the USA companies vying to acquire the assets of TikTok, which claims about 100 million monthly active users in the United States.

TikTok is considering selling its operations in several countries after local governments shut out the app, citing fears that sensitive user data was passing into the hands of the Chinese state. The Masayoshi Son-led investment firm owns a minority stake in TikTok's parent company ByteDance. India, a long-time regional rival, has taken a particularly tough stance, banning 59 of China's largest internet services in July, including TikTok.

TikTok's parent, Bytedance is reportedly mulling to reduce its stake in the short-video sharing app as it also faces ban in the USA after President Donald Trump threatened to ban it over national security concerns. Also, Jio Platforms had raised ₹1.52 trillion by selling a total of 33% stake to 13 strategic investors, giving it ample firepower to make large acquisitions such as TikTok's India unit, which is estimated to be valued at $3 billion.

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The sale of the Chinese-owned social media app TikTok to a USA company may be shut down as China rewrites a number of export rules to give itself the power to veto certain sales, ultimately giving the communist government power over the TikTok deal. Microsoft, Walmart, Oracle, and others are all potential buyers.

Analysts and commentators have suggested that TikTok's operations in the USA could sell for more than $20 billion. Local startups backed by Son include e-commerce provider Snapdeal.com, ride-hailing service Ola Cabs and hotel-booking app Oyo Rooms.

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