Facebook CEO Mark Zuckerberg held talks with the founder of the app Musical.ly in 2016 about an acquisition. The Chinese Bytedance took over Musical.ly and renamed it TikTok, after which it became an even bigger success.
Facebook called off the talks over concerns about stalled growth and Chinese ownership of the app, Bloomberg reports. Buzzfeed also reported on the takeover talks. The talks took place in the first half of 2016. The app was already popular among teenagers, especially in the US and China.
After the takeover fell through, the Chinese Bytedance bought the Musical.ly app. It then renamed the app TikTok, a brand Bytedance already had. TikTok is now the fastest growing social network of the moment, with hundreds of millions of daily users. TikTok is causing a lot of controversy by the Chinese owner. The company has defended itself against criticism that the Chinese government could influence moderation. Despite this, the US is going to investigate the takeover.