TikTok simply ran out of tiktoks because the countdown ended for the app’s time within the U.S. Within the early hours of January 19, the wildly standard short-form video app went darkish.
The shutdown left me (and tens of millions of different customers) in shock as they had been greeted with a message saying, “Sorry, TikTok isn’t obtainable proper now” or a picture that I couldn’t flick away. I don’t know what my 418 followers are going to do now. Critically, the service is the drama of the second, because the shutdown got here after the U.S. Supreme Court docket denied an attraction by TikTok’s Chinese language dad or mum firm, ByteDance, and upheld a legislation handed by Congress final yr, which required ByteDance, to both divest TikTok or face a ban.
The legislation was pushed by issues over nationwide safety, with fears that the Chinese language authorities may use TikTok to gather delicate info on American customers. Numerous politicians who had been privvy to intelligence experiences mentioned it was credible that the Chinese language authorities was utilizing TikTok to spy on us.
However Donald Trump signaled that he could not implement the ban and can possible let lit stay one other 90 days. In the meantime, varied events are gathering to make bids to purchase the ervice.
TikTok introduced that it could voluntarily shut down its providers slightly than danger being forcibly faraway from app shops and internet hosting providers. The corporate’s CEO, Shou Chew, posted a video expressing gratitude to the customers and promising to work in direction of reinstating TikTok. Sadly, the video isn’t obtainable now. “This isn’t the tip, however a brand new starting,” he mentioned with dedication.
The shutdown sparked a scramble amongst TikTok customers to maneuver to different social media platforms the place they mourned the lack of their favourite app. Many expressed their disappointment and frustration, whereas others shared recollections of their favourite TikTok moments, and a few even began on-line petitions to deliver the app again. I posted the final of my CES 2025 movies there.
Among the many outstanding bidders is Oracle, a Silicon Valley large recognized for its cloud computing providers. Oracle noticed the acquisition as a strategic transfer to broaden its affect within the shopper market and achieve entry to TikTok’s cutting-edge know-how. Larry Ellison, Oracle’s founder, was personally concerned within the negotiations, emphasizing the significance of knowledge safety and transparency.
Microsoft, one other main contender, had a special imaginative and prescient for TikTok. Satya Nadella, Microsoft’s CEO, believed that integrating TikTok with Microsoft’s present suite of merchandise may create a strong ecosystem. He envisioned TikTok as a platform for academic content material, digital occasions, and extra, interesting to a broader viewers past leisure.
Non-public fairness companies additionally entered the fray, eyeing the chance to show TikTok into an unbiased entity. Blackstone Group, one of many largest personal fairness companies on the earth, proposed a deal to purchase ByteDance and preserve TikTok operating with vital funding in information privateness and safety measures. Their plan included appointing an unbiased board to supervise operations and guarantee compliance with U.S. legal guidelines.
Enterprise capitalists additionally noticed TikTok as a goldmine. Sequoia Capital and Andreessen Horowitz had been among the many companies inquisitive about backing a consortium to accumulate ByteDance. They believed that with the correct administration and funding, TikTok may proceed its speedy development and dominate the social media panorama.
President-elect Trump’s transfer to let the service go on for 90 extra days was seen as a lifeline for TikTok.
“We’re dedicated to defending American pursuits whereas fostering innovation and development,” Trump acknowledged in a press convention.
Different traders bidding for TikTok included Frank McCourt and his Web Advocacy Group. The billionaire and his web advocacy group have submitted a proposal to purchase ByteDance. McCourt, recognized for his possession of the Los Angeles Dodgers, plans to restructure TikTok and provides customers extra management over their digital identities and information.
Famed Shark Tank investor Kevin O’Leary additionally joined forces with different traders to kind a bunch that has secured commitments totaling greater than $20 billion in capital. Their proposal focuses on transparency and information privateness.
Former Treasury Secretary Steven Mnuchin has additionally taken steps to buy TikTok. Shortly after Congress handed the ban, Mnuchin introduced the formation of an investor group to purchase the social media firm. And even Mr. Beast claimed to have spoken to some billionaires to drag a bid collectively.
