After a tumultuous few weeks, the future of hit social video app TikTok in the United States could soon become more clear, but it might not be the end of the saga.
The company has selected a buyer for its U.S., New Zealand and Australian operations, and the choice could be announced as early as Tuesday, according to a report by CNBC on Monday morning. Microsoft and Walmart, which said last week that they are teaming up on a bid, appear to be the front-runners. The reported purchase price is between $20 billion and $30 billion.
Oracle is also among the companies bidding for TikTok.
However, a new move by the Chinese government could complicate the deal. A newly updated export list would require TikTok’s China-based parent, ByteDance to receive the approval of the Chinese government before transferring assets to the winning bidder.
The Trump administration has set a Sept. 15 deadline for reaching an agreement to continue TikTok’s U.S. operations. President Trump is threatening to ban TikTok in the U.S., citing suspicions that ByteDance is sharing user data with the Chinese government.
