A potential bidding war to buy TikTok has begun, less than a month after President Joe Biden signed legislation that would force the app’s Chinese parent company ByteDance to divest, or face a ban in the United States within a year.
The latest suitor to emerge is the real estate billionaire Frank McCourt, who announced this week he’s assembling a group of investors to acquire TikTok and has brought on financial advisers from Guggenheim Securities and the law firm Kirkland & Ellis to help. The app could be worth $100 billion, according to some estimates, though McCourt said it’s too early to discuss potential
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