TikTok is working around to find a way to restart its business in India after the ban by the Narendra Modi-led Government recently. According to reports, Mukesh Ambani-owned Reliance is likely to acquire TikTok in India for $5 billion. It is to be noted that India is one of the largest markets for the TikTok video-sharing app after China. As per estimates, more than 611 million people have downloaded TikTok prior to the ban in India.
The reports suggest that Reliance Industries is one of the top bidders to the tune of $5 billion for the Bytedance-owned TikTok in India. The company executives are currently under talks with the Chinese-based Bytedance in a bid to acquire its operations, which is touted to be valued at $5 billion. Talking about the monetization, China, US, and UK emerged as the top spot with 90 percent market share of the overall TikTok revenues.
We don’t have any official confirmation about the deal between Reliance and Bytedance. However, the chances of acquiring TikTok by Reliance is most likely to happen since it will be favorable for the Government of India. The deal could easily get regulatory clearances from the Government and will greatly benefit 400 million user base of Reliance Jio.
The app has been banned based on national security and data privacy and the deal by Reliance will prove wonders. The news assumes importance because Facebook-owned Instagram also announced Reels, which is also a short video maker. Instagram Reels was introduced within days after the TikTok ban.
Microsoft had announced an interest to acquire TikTok in the US and other key regions after Satya Nadella met Donald Trump. It is being learned that Trump is in favor of the deal and the details are being worked out. The move got fast track development after the US President Donald Trump signed an executive order setting a 45-day deadline for the TikTok sale to finish. Microsoft revealed that they are in talks with ByteDance and the deal will be worked out by September 15.
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