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TikTok’s value would be cut in a forced sale

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TikTok’s value would be cut in a forced sale

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TikTok is the star of social media. Upstart networks such as Donald Trump’s Truth Social and Meta’s Threads might reach thousands or millions of users, but TikTok’s audience exceeds a billion. It launched an in-app US shop before Elon Musk’s X, and its popularity has forced YouTube and Instagram to create rival short-video formats. These qualities make it an attractive acquisition target. Its price could, on paper, exceed $180bn.

On Wednesday, US lawmakers voted in favour of a bill that would force TikTok’s Chinese owner ByteDance to either sell the app or face an app store ban. There are two areas of concern: possible collection of US user data by China and the potential for China to use the app to influence its audience.

TikTok is a source of news for its young viewers, though it should be noted that its main appeal lies in entertainment. After all, the app’s most-liked video involves a girl pulling faces at the camera. The company has said ByteDance is not controlled by the Chinese government and that all US data is routed to Oracle Cloud.

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The US bill now moves to the Senate. An attempt to end Chinese ownership would result in a legal fight.

If the US did order ByteDance to cut ties, the possible pool of buyers for a company this size could include consortiums or big tech companies. Microsoft and Oracle showed interest during previous attempts to force a sale. Regulatory scrutiny over big tech acquisitions might be put to one side to facilitate US ownership.

What would they pay? TikTok makes money from digital advertising, in-app purchases and transaction fees. Information about sales and profits are not published by ByteDance, which is private, but revenues last year are reportedly close to $20bn. Valued at a Meta-like multiple of trailing sales, TikTok’s enterprise value might be close to $184bn. That is a large chunk of ByteDance’s own valuation — about $260bn based on last year’s share buyback from employees. 

A forced sale is likely to mean a much lower price. TikTok is also reportedly lossmaking. Valued on a sales multiple closer to lossmaking peer Snap, it would be priced at about $88bn. If a sale were limited to US users, the revenue used in the calculation would be smaller. At 170mn, US users account for about 14 per cent of the total, though their revenue contribution will be higher.

Plus, TikTok’s global content is an important part of its appeal. Separation, and the complexity of a split, would reduce the app’s value even further.

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elaine.moore@ft.com

Lex is the FT’s concise daily investment column. Expert writers in four global financial centres provide informed, timely opinions on capital trends and big businesses. Click to explore

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Tehran says ‘no plans’ for new talks after US seizes Iranian cargo ship

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Tehran says ‘no plans’ for new talks after US seizes Iranian cargo ship

US negotiators to head to Pakistan and Iranian cargo ship seized – a recappublished at 00:37 BST 20 April

Image source, Reuters
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Tankers in the Strait of Hormuz on Saturday

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Here’s a recap of the latest developments.

US negotiators will head to Pakistan on Monday with the intention of holding further talks on ending the war, Trump says – but Iranian state media cites unnamed officials as saying Tehran has “no plans for now to participate”.

The prospect of further high-level negotiations – a White House official says Vice-President JD Vance will attend – comes amid reports of fresh attacks on commercial vessels.

Trump says the navy intercepted and took “custody” of an Iranian tanker attempting to pass through the US blockade, “blowing a hole” in the ship’s engine room in the process.

Earlier, in the same post announcing his representatives would travel for more talks, Trump renewed his threat to destroy Iranian energy sites and bridges if no deal is reached.

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Reports in Iranian media over the weekend suggest Iran is continuing to work on plans to potentially apply a toll to ships passing through the strait – although it’s unclear if such a move will be implemented.

Iranian state TV cites unnamed officials as saying that “continuation of the so-called naval blockade, violation of the ceasefire and threatening US rhetoric” are slowing progress in reaching an agreement.

Trump also accused Iran of violating the ceasefire, saying more commercial ships have been attacked by Iran in the Strait of Hormuz.

A UK maritime agency reported two commercial ships came under fire in the strait on Saturday.

Iran’s foreign minister had said on Friday that the strait would be opened – which was shortly followed by Trump saying the US naval blockade of Iranian ports would remain in place until a deal is reached. Iran has since said the strait is closed again.

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Video: 8 Children Killed in Louisiana Shooting, Police Say

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Video: 8 Children Killed in Louisiana Shooting, Police Say

new video loaded: 8 Children Killed in Louisiana Shooting, Police Say

A gunman shot 10 people, killing eight children, in a domestic violence shooting at multiple locations in Shreveport, La., the police said. The victims ranged in age from 1 to 14. The gunman was later fatally shot by officers.

By Christina Kelso

April 19, 2026

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Communities launch cleanup after severe weather and tornadoes churn across Midwest

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Communities launch cleanup after severe weather and tornadoes churn across Midwest

An aerial view shows damage from a tornado, on Saturday in Lena, Ill.

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Communities across the Upper Midwest are cleaning up after tornadoes and severe weather impacted the region over the weekend, damaging and destroying dozens of homes and knocking out power for tens of thousands.

“Numerous” severe storms were tracked across parts of Iowa, Illinois and Missouri on Friday, according to the National Weather Service. At least 66 tornado reports were submitted in multiple states including Oklahoma, Illinois, Missouri, Wisconsin and Iowa, the NWS Quad Cities IA/IL office said Sunday.

No deaths have been reported from the severe weather and tornado outbreak.

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In Marion Township in Minnesota, about 30 homes were damaged and a dozen have significant damage because of a tornado, according to the Olmsted County Sheriff’s Office. The tornado also damaged at least 20 homes in Stewartville and there is a temporary shelter in Rochester for people displaced by the storms, according to MPR News.

“Tornado disaster recovery continues to occur at full speed,” the Olmsted County Sheriff’s Office said on Saturday.

In Illinois, McClean County officials declared a disaster emergency because of severe storms in Bloomington. “At this time, no injuries have been reported, and emergency response agencies remain actively engaged to ensure public safety and continuity of essential services,” officials said in a statement.

But further north in the village of Lena, an EF-2 tornado caused the “most significant damage” where “many homes and outbuildings were damaged, trees uprooted, and power lines downed,” the NWS said. Numerous roads have also been blocked by debris, the Stephenson County Sheriff’s Office also said.

People continue to clean up following tornado on April 18, 2026 in Lena, Illinois.

People continue to clean up following a tornado, on Saturday in Lena, Ill.

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There have been no fatalities and no reports of serious injuries associated with the storm, Chief Deputy Andy Schroeder from the Stephenson County Sheriff’s Office told NPR on Sunday.

More than 43,000 customers lost power in Illinois but power was restored to almost all of them by Saturday night, according to electric utility ComEd.

Several tornadoes also occurred across Wisconsin, according to the NWS office in La Crosse. Twenty-six tornado warnings were issued by the office on Friday, the most in one day since the weather service office was built in 1995.

In one Marathon County town, 75 homes were destroyed by a tornado, according to Ringle Fire Chief Chris Kielman.

“It took out a whole residential area,” Kielman said, according to Wisconsin Public Radio.

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The American Red Cross of Wisconsin said volunteers are helping those impacted by the storm with meals, shelter and support.

Parts of the state are still dealing with multiple rounds of severe weather and tornadoes from earlier in the week that brought flooding to some communities.

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