U.S. INVESTORS MAKE A RUN AT TIKTOK

Reports are surfacing of U.S. investors in ByteDance—including major VC firms General Atlantic and Sequoia Capital—discussing a buyout of TikTok from the Chinese-owned parent company.

Following weeks of data controversy, a White House campaign for a U.S. ban of the app and an actual ban in India, the group of U.S. tech investors hopes to create some distance for the U.S. based TikTok from its Chinese creators.

According to the Financial Times, the group of U.S. investors are in discussions with the US Treasury and other regulators to see if "spinning out TikTok and firewalling it from its Chinese parent would satisfy U.S. concerns about the app."

If a buyout did proceed, ByteDance would retain minority stake with no board representation in TikTok. Sources say ByteDance founder Zhang Yimig is open to a sale.

Yesterday, news spread that TikTok was planning to 10,000 jobs in the U.S. over the next three years. They've already tripled their workforce in the U.S. this year and established operations in California, Texas, Florida and New York.