Microsoft Corporation is said to be in advanced discussion with to take over ownership of Chinese-owned social app, TikTok.
The development is coming barely a week after United States President, Donald Trump threatened to shut down the video app which has been widely enjoyed by social media users across the world within the time of its launch.
Reports from people with knowledge of the talks noted that successful acquiring of the social app by Microsoft would be a concession to White House pressure and also helped the software giant to attain a new height.
The US President had expressed his intention to ban the Chinese video app over the fear that the country could be using it to spy on United States citizens.
Naija News understands that the deal will force TikTok to divorce ownership from its parent company, ByteDance,
Although, it’s unclear how TikTok may have reached an agreement to sell out its trending app to Microsoft and other companies, however, the changing of ownership could be seen as a dilemma for the app-owners considering the fact that the United States is one of its major markets.
It was reported that the Committee on Foreign Investment in the United States, or Cfius, has been scrutinising ByteDance’s 2017 purchase of the social app that eventually changed to TikTok.
Naija News learnt that the committee had decided to order ByteDance to divest TikTok, and the government is as well involved in bargaining for the terms of the separation.
Meanwhile, Naija News reported earlier that the Federal Government of Nigeria is facing major economic setback as its foreign reserves drop by six hundred and seventy-three million dollars in just two months.
According to the report gathered from the website of Central Bank of Nigeria reveals that the country’s external reserve stood at $35.89bn on June 28 from $36.57bn on June 1.