There’s a lot of talk about TikTok right now, with the new social media superstar has come under a lot of political pressure recently due to its Chinese ownership, something that has drawn the scrutiny of the federal government. Big news came out on Wednesday that TikTok’s CEO, Kevin Mayer, who had been hired for the job for just three months, announced his resignation.
President Trump has stated a number of times that he would forcefully ban the social media platform from the U.S. unless its Beijing-based parent company, ByteDance, sold TikTok within the next three months. As of right now, there are over 100 million users of TikTok in the U.S., making it the fastest-growing new social media platform out there.
“In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for. Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company,” said Kevin Mayer, the company’s now former-CEO in an official statement regarding his departure.
He went on to add that he still remains optimistic about the company’s future. Mayer first took the CEO position back in May, following a brief period where he was in charge of Wal Disney’s streaming service. Until a new CEO is found, TikTok’s U.S. general manager would be heading up the company in the meantime.
TikTok announced earlier this week that it would be filing a complaint in federal court in response to Trump’s attempt to ban the platform in the U.S. The company claims that the private data of Americans cannot be accessed by other ByteDance products, a statement that the current administration disagrees with.
While still a private company, many investors were wondering when TikTok might go public on the stock market. Now, however, it seems like the most likely alternative is that TikTok will be acquired and integrated by another tech giant that’s willing to make a major acquisition.
One of these is Microsoft (NASDAQ: MSFT). Earlier this month, it came out that Microsoft might be willing to buyout TikTok and that its CEO had a talk with President Trump about the possibility. Many investors speculated that could have another social media giant that ended up buying the company, especially considering how popular TikTok has become. Should Microsoft end up buying out Tiktok after all, it would give the tech giant a lot of exposure to the social media world, something that Microsoft has historically lacked.
Microsoft Company Profile
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