Tik ToK parent company talks investment with Reliance |
Famous short video sharing app TikTok`s parent company, ByteDance of China is in early talks with Mukesh Ambani`s Reliance Industries Ltd for an investment in the video-based app`s business in India. According to reports, the two companies began conversations late last month and have not reached a deal yet. The Indian government in June had banned 59 Chinese apps, including TikTok and WeChat, for threatening its "sovereignty and integrity" after border tensions with China. Last week, US President Donald Trump also unveiled bans on US transactions with the China-based owners of messaging app WeChat and TikTok, escalating tensions between the two countries. Other than RIL, US-based Microsoft Corporation too has been in talks to acquire the US operations of the video-sharing app. Social media platform Twitter Inc has also expressed interest in having a deal with TikTok. Tiktok had garnered popularity in India in a very short time with the variety and ease of uploading and sharing videos by the users.
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