General Atlantic and Sequoia Capital — two major investors in Chinese company ByteDance, parent company of TikTok — are “maneuvering” to be part of the potential bid to acquire TikTok’s U.S. operations.
The group led by the two investment firms includes Oracle, sources told The Wall Street Journal.
General Atlantic and Sequoia Capital both hold seats on ByteDance's board.
Sequoia’s seat is occupied by its China head, Neil Shen. Its efforts in the U.S. to participate in an acquisition are being led by Global Managing Partner Doug Leone. General Atlantic’s effort is led by its chief executive Bill Ford, who represents his firm on ByteDance’s board.
“The investment firms have two points of interest that potentially conflict: their obligation as board members to maximize the value to ByteDance of its prized asset, and trying to buy into TikTok in the U.S. at a good price to capitalize on its potential,” the WSJ explains.
Bidders have been asked to submit offers by the end of the week. One of the bidding parties could enter an exclusive negotiation soon, according to the report.
Bidders may also separately include Microsoft and Twitter.
Reports also suggest that TikTok approached Netflix, but the streaming media company had no interest.