Report: Microsoft may announce TikTok acquisition deal in the next 48 hours

Last night, TikTok CEO Kevin Mayer resigned from the company. It is important to note that Kevin Mayer joined the company just over 100 days ago. “We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin’s role would be going forward, and fully respect his decision. We thank him for his time at the company and wish him well,” said a TikTok spokesperson on Kevin’s resignation.

Today, CNBC reported that Kevin Mayer left TikTok since he was excluded from deal talks between the company and Microsoft and Oracle. CNBC mentioned that TikTok’s sale to Microsoft could come in the next 48 hours. The report also mentioned that TikTok is likely to sell its U.S., Canadian, Australian and New Zealand operations for about $20 billion to $30 billion range.

BREAKING: TikTok CEO Kevin Mayer quit after being excluded from deal talks between the company and Microsoft & Oracle, a source tells @JBoorstin. Multiple sources also tell CNBC that Mayer’s exit indicates that a deal—likely a sale to Microsoft—could come in the next 48 hours. pic.twitter.com/TOcSrn8Xd8

— CNBC Now (@CNBCnow) August 27, 2020

President Donald Trump issued an executive order early this month, ordering the sale of the US segment of TikTok.

US Treasury Secretary Steven Mnuchin said “The order directs ByteDance to divest all interests and rights in any assets or property used to enable or support the operation of TikTok in the United States, and any data obtained or derived from TikTok or Musical.ly users in the United States. CFIUS conducted an exhaustive review of the case and unanimously recommended this action to the President in order to protect U.S. users from exploitation of their personal data.”

The order also extended the deadline by which TikTok will have to comply to 90 days from this date, ie to the 12th of November 2020, rather than the 15th September.

Source: CNBC