TikTok could soon be sold. Here's how much it's worth and who could buy it.
CBSN
TikTok could be under new ownership at this time next year, after President Joe Biden on Wednesday signed a bill that gives the social media company about 12 months to either divest from its Chinese owner or face a U.S. ban.
TikTok is vowing to fight the new law in the courts, with CEO Shou Chou saying in a video posted to the service yesterday that "the facts and the Constitution are on our side." He added that TikTok expects "to prevail again," referring to Montana's efforts to ban the app, which was blocked by a federal judge.
That being said, TikTok is likely to attract attention from numerous suitors, given that the social media service is used by 6 in 10 Americans under the age of 30. Its algorithm offers up constantly scrolling videos pegged to users' personal interests and habits, creating an addictive stream that keeps them glued to the app.
