Twitter now joins the list of potential buyers interested in acquiring TikTok, following news that President Trump had issued an executive order banning ByteDance-owned app, deeming it a national security threat due to its Chinese ownership. At the same time, Trump set a deadline for the acquisition of the company if it wishes to continue operating in the U.S., which will expire on September 15.
Initially, Microsoft stepped in to discuss the acquisition with Trump last week, offering to purchase the app with a guaranteed complete security review, as expressed in their blog post. Trump’s administration, accordingly, is pushing for a “complete separation” from the original Beijing-based company if a purchase is to happen. Now, the social media platform had already commenced preliminary talks with TikTok on a possible acquisition, although it also noted the unlikelihood of Twitter being able to secure a deal, citing its much smaller $29 billion USD market capitalization compared to Microsoft’s $1.6 trillion USD, while TikTok was also in the tens of billions.
The news, however, comes just a day after another source revealed to NPR that TikTok may be looking at filing a lawsuit against Trump’s administration to contest the executive order. The Chinese-owned company believes that the executive order was issued “without any due process” with “no substantiation” of its allegations relating to security issues and that the decision was unconstitutional.