poornima lagadapati
Active member
Google parent Alphabet Inc. considered participating in a group bid for TikTok, but the effort fizzled in recent days, according to people familiar with the matter.
Several firms discussed forming a consortium to invest in the popular video-sharing app, with Alphabet weighing a minority, non-voting stake through one of its investment arms, said one of the people.
Alphabet didn’t lead the initiative. It isn’t clear which U.S. company did, or why the effort ended. Alphabet has not ruled out participating in future bids, said the person, who asked not to be identified discussing a private matter.
TikTok, owned by China-based ByteDance Ltd., is fielding interest in its operations in the U.S. and a handful of other countries. President Donald Trump recently ordered ByteDance to sell TikTok’s U.S. assets within 90 days, building on an earlier executive order that would prohibit U.S. people and companies from doing business with TikTok effective 45 days from Aug. 6.
Several firms discussed forming a consortium to invest in the popular video-sharing app, with Alphabet weighing a minority, non-voting stake through one of its investment arms, said one of the people.
Alphabet didn’t lead the initiative. It isn’t clear which U.S. company did, or why the effort ended. Alphabet has not ruled out participating in future bids, said the person, who asked not to be identified discussing a private matter.
TikTok, owned by China-based ByteDance Ltd., is fielding interest in its operations in the U.S. and a handful of other countries. President Donald Trump recently ordered ByteDance to sell TikTok’s U.S. assets within 90 days, building on an earlier executive order that would prohibit U.S. people and companies from doing business with TikTok effective 45 days from Aug. 6.
