President Trump told reporters on Air Force One tonight that he plans to ban Chinese-owned TikTok from the United States. In addition, he does not plan to allow a U.S.-based company to buy TikTok from ByteDance, the Chinese company that owns the platform.
As recently as today, Microsoft was said to be in talks to buy TikTok from ByteDance. ByteDance is currently valued around $100 billion, and TikTok’s price tag has been rumored to be around $50 billion. Venture capital firms Sequoia and General Atlantic, investors in ByteDance, are also said to be interested. Those talks would now be in jeopardy, of course, and the price that any company including Microsoft might be willing to pay for the social media hit is likely tumbling.