US investors General Atlantic and Sequoia have formed a collaboration to try to buy a majority stake in video app TikTok from its Chinese parent ByteDance. Hugely popular TikTok is facing regulation and bans around the world over security concerns, so purchase by an American owner would alleviate the backlash. Other investors are also rumoured to be interested. ByteDance was valued at $75bn in 2018 but is not thought to be profitable.
TikTok “to be bought by US”
