Technology giant Microsoft recently confirmed that it was speaking with TikTok about a potential purchase of the viral app’s operations in the US and other countries, and this led to a significant surge in the company’s stock price and total value.
Business Insider noticed that Microsoft’s stock price rose by more than 5 percent following the news, and this works out to an increase of around $77 billion to Microsoft’s total market value. The company is now worth more than $1.6 trillion.
Microsoft plans to complete its acquisition discussions with TikTok’s owner, ByteDance, by September 15. Social media platform Twitter is also reportedly interested in purchasing TikTok’s US operations. Apple, Google, and Facebook have also supposedly expressed some level of interest in buying TikTok. For what it’s worth, Facebook’s Instagram app just added a new feature called “Reels” that borrows the basic idea of TikTok.