TikTok Management Initiates Negotiations for Potential Sale of Social Network

The social media platform TikTok is in negotiations with potential buyers due to an imposed ban on the app in the U.S. by government officials, according to the New York Post citing sources.

“Negotiations among potential buyers for the TikTok app are heating up. TikTok is exploring its options and reviewing potential deals that were previously considered when Donald Trump threatened to ban the app in 2020,” sources close to the company have stated.

They did not specify who the social network's management is negotiating with, but in 2020, a potential partnership was discussed with American software corporation Oracle and the wholesale and retail giant Walmart.

On Thursday, March 23, TikTok CEO Shou Zi Chew will testify before the House Energy and Commerce Committee regarding the company's ties to China.

Earlier on Thursday, The Hill reported that President Joe Biden's administration is demanding that TikTok's Chinese owners sell their stakes, or the app may face a ban in the U.S. The demand has been put forth by the Committee on Foreign Investment in the United States (CFIUS).