TikTok has announced that they have found a suitable buyer for its US Operations.
CNBC reported that the ByteDance owned Chinese app would reveal its buyer as soon as the deal is finalized.
TikTok has reportedly decided on a company to buy its US, New Zealand, and Australian businesses and could make an announcement regarding the sale this week.
The company has to finalize the sale in a matter of weeks to avoid a ban on its operations ordered by President Donald Trump.
China further complicated that timeline on Friday, when it announced new rules that could give the Chinese government veto power over a potential sale.
The Business Insider reports that analysts see a joint bid from Microsoft and Walmart as the strongest offer to buy TikTok, which is also weighing an offer from Oracle.
A slew of other potential buyers have been rumored in recent weeks, including Netflix, Apple, and Alphabet. Analysts expect the sale price to be around $20 billion to $30 billion.
Former CEO Kevin Mayer signaled that a deal could be imminent when he resigned from the company last week. In his resignation letter, Mayer told employees to anticipate “a resolution very soon.”
By the time of publication, TikTok spokesperson had declined to comment on the matter.
TikTok users and out of the platform supporters criticized the move by US government which leaves other independent start up apps future blurred.
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Is the universe ready for independent platforms? Are ready to free yourself from dashboard censorship and masters of the universe?
