Stocks of TikTok US Suitors Hit by Fears of China Block
Collage of the Microsoft logo is pictured ahead of the Mobile World Congress in Barcelona, Spain, on..
Collage of the Microsoft logo is pictured ahead of the Mobile World Congress in Barcelona, Spain, on Feb. 24, 2019 (Sergio Perez/Reuters) and the Oracle logo is shown on an office building in Irvine, Calif., on June 28, 2018. (Mike Blake/Reuters)
Shares of TikTok U.S. suitors Microsoft Corp, Oracle Corp, and Walmart Inc fell on Monday after Chinas move to restrict some technology exports spurred worries Beijing might block any deal for the video apps U.S. assets.
Chinas new rules around tech exports mean ByteDances sale of TikTok U.S. operations could need approval from Beijing, a Chinese trade expert told state media on Sunday, a requirement that would complicate the forced and politically charged divestment.
Shares of Walmart, Microsoft, and Oracle fell between 1 percent and 2.5 percent in morning trading.
All three pared some premarket losses after CNBC reported earlier in the day that TikTok has chosen a bidder and a deal could be announced as early as Tuesday.
TikTok leadership said in a memo to employees earlier last week that the company was “moving quickly to find resolutions to the issues that we face globally, particularly in the U.S. and India.”
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