The US government has opened an investigation into ByteDance, the Chinese parent company behind the hit lip-sync app TikTok. The investigation will look into ByteDance’s 2017 acquisition of Musical.ly, a once popular karaoke app that was developed in Shanghai and later became TikTok, moving its offices to Santa Monica in 2016. The cost of the acquisition was estimated to be $800 million and led to the closure of Musical.ly as a standalone app. Scroll down for video The investigation will be run through the Committee on Foreign Investments in the United States (CIFIUS), which reports to the Treasury Department, according to a report from CNBC. The Committee has not released any statements concerning the investigation or what prompted it. RELATED ARTICLES Previous 1 Next Mercury will pass in front of the Sun on November 11 -… Teeth of world’s largest prehistoric shark that lived over… PICTURED: Tiny congestion-beating car that’s 39-inches wide,… PICTURED: Stunning images of Jupiter’s jet streams and Great… Share this article Share In response to the news a TikTok spokesperson released a statement to CNBC. ‘While we cannot comment on ongoing regulatory processes, TikTok has made clear that we have no higher priority than earning the trust… Read full this story
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