TikTok is in trouble. Over the course of less than a day, the company lost its CEO and gained a surprising new suitor. The breakout social app could be within days of making a deal to sell itself to an American company — but the turmoil surrounding the sale threatens to leave the company permanently damaged.
First, the CEO. In May, longtime Disney executive Kevin Mayer left the company to become chief operating officer at ByteDance and CEO of TikTok, its popular US subsidiary. “As one of the world’s most accomplished entertainment executives, Kevin is incredibly well placed to take ByteDance’s portfolio of products to the next level,” ByteDance founder and CEO Yiming Zhang said at the time.
