US-based social short-form video service Triller has officially added its bid to purchase its primary competitor TikTok. Fresh off of a rapid emergence that has yielded 250 million app downloads worldwide and a dramatic copyright infringement lawsuit against TikTok, Triller is being backed in its acquisition quest by London based venture capital firm Centricus Asset Management. Centricus is responsible for managing $27 billion in assets and is helping Triller make a $20 Billion bid to acquire TikTok.
Triller CEO Mike Lu said: “We believe [Triller and TikTok’s] two teams can work alongside each other and create the best short form video platform. Triller would be the best home for all of TikTok’s users as we have always put product and users first. This is the beginning of a new chapter.”
The proposal is comprised of $10bn in cash upfront and a further $10bn in profit-sharing from the consequent venture. Triller joins Microsoft as the second primary bidders to acquire TikTok.