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According to reports, Twitter is in the process of acquiring TikTok, the Chinese social platfom which holds over 800 million users globally.
Tiktok was first launched in China in 2006 and is now recognised as one of the most used apps globally positioning itself in the top 10 as facebook and youtube take the lead, According to Business Of Apps, TikTok was downloaded 738 million times in 2019.
This proposal also comes after the US president, Donald Trump ordered firms to stop doing business with TikTok within 45 days over security concerns. Tech giant Microsoft is the front-runner to buy TikTok but now Twitter has emerged as a possible suitor as it remains unclear whether Twitter can afford to buy TikTok from its Chinese owners and can complete a deal within the 45-day window.
The cost of acquiring TikTok is still unclear but it is estimated to be around tens of billions of dollars. Twitter’s market capitalisation is about $29bn (£22bn), dwarfed by Microsoft’s at more than $1.6tn.
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