Reports: TikTok Plans IPO, Considers Instagram Co-Founder as CEO

Francesca Billington

Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.

Reports: TikTok Plans IPO, Considers Instagram Co-Founder as CEO

TikTok's Chinese-owned parent company ByteDance is reportedly planning to hold an initial public offering in the U.S. if President Donald Trump approves a deal with Oracle. The move hopes to avert Trump's ban of the popular app set to take effect next week.

On Wednesday, the Treasury Department provided ByteDance with revisions to the agreement the two companies have tentatively signed off on. Various media reported that Oracle will own a stake of TikTok, but how much each would own is unclear. Walmart may also be part of that arrangement. Any deal still must be cleared by Trump.

Walmart had previously sought to join a deal with Microsoft Corp, but their bid was rejected by ByteDance.

TikTok is also reportedly hunting for a new CEO and multiple outlets Thursday report Instagram co-founder Kevin Systrom is being considered.

Sunday will mark 45 days since Trump signed an executive order stating TikTok must strike a deal in the country or risk being banned. The administration accuses TikTok of collecting U.S. users data and sharing it with the Chinese government, a risk to national security. TikTok denies this.

If TikTok went public, it could be one of the largest tech IPOs yet. Some investors have valued the company at $50 billion.

Subscribe to our newsletter to catch every headline.


Rivian Stock Roller Coaster Continues as Amazon Van Delivery Faces Delays

David Shultz

David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.

Rivian Stock Roller Coaster Continues as Amazon Van Delivery Faces Delays
Courtesy of Rivian.

Rivian’s stock lost 7% yesterday on the back of news that the company could face delays in fulfilling Amazon’s order for a fleet of electric delivery vans due to legal issues with a supplier. The electric vehicle maker is suing Commercial Vehicle Group (CVG) over a pricing dispute related to the seats that the supplier promised, according to the Wall Street Journal.

Read more Show less
March Capital's Jamie Montgomery on the Intersection of Innovation and Creativity
March Capital's Jamie Montgomery. Illustration by Dilara Mundy.

When we list the attributes most associated with successful founders, investors, billionaires, and industry leaders, we often think of things like determination, grit, fortitude and even obsessiveness. The winners are the most relentless, the ones who work the hardest, know the most, start the earliest in the morning on four hours of sleep and won’t accept no for an answer.

Read more Show less