TikTok In Negotiations To Go Public On NYSE: Chinese Media

TikTok In Negotiations To Go Public On NYSE: Chinese Media

Short-form video app TikTok is reportedly in negotiations to list on the Intercontinental Exchange Inc (ICE)-owned New York Stock Exchange.

What Happened: The ByteDance-owned Chinese social media company is holding preliminary talks to list on the NYSE, as per a tweet from the state-affiliated Global Times newspaper, first noted on Reuters.

Why It Matters: Over the weekend, ByteDance walked away from a deal that involved selling TikTok’s U.S. operations to a group led by Oracle Corporation (ORCL), the South China Morning Post reported

The deal, also involving Walmart Inc (WMT), was postponed indefinitely by the Biden administration earlier in the month. 

The forced sale of TikTok to a U.S. company under the previous Trump administration was blocked by a federal court in December. 

Price Action: Intercontinental Exchange shares closed nearly 1.2% higher at $112.42 on Tuesday and fell almost 0.3% in the after-hours session. 

[Update] Global Times in a later tweet said ByteDance had denied being in talks for going public on the NYSE.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Texan Hunter 1 week ago Member's comment

We don't need TikTok. China can keep it.