ByteDance in conversations with Reliance Industries for investment
Reportedly, Reliance Industries Limited is looking to invest in TikTok and is in talks with Bytedance.
The conversation between Reliance Industries and Bytedance was reported by TechCrunch who cite sources familiar with the matter and have chosen to remain anonymous.
Since India banned 59 apps owned by China including TikTok at the end of June, raising “security concerns” amidst the political tension between India and China, obstructing all business activities related to the app, with several fragments of the social media ecosystem incurring losses.
After the ban in India, Trump also issued an executive order addressing the “threat” posed by TikTok. In the US, Bytedance is also in talks with Microsoft and Twitter, with the American companies looking to invest in the short-video platform.
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The talks between Reliance Industries and Bytedance is cited to be in early stages. But if the deal goes through, the political issues surrounding TikTok may resolve, marketing campaigns previously planned would get a green light, users monetizing their presence on the app can resume, and the establishment built in the country would be retained.
Recently, Facebook announced a huge investment in Jio platforms, owned by Reliance Industries, and since the launch of Instagram Reels, Facebook is in direct competition with TikTok, as opposed to the relative competition formerly.