Billionaire entrepreneur Frank McCourt talks about what it would take to buy TikTok as bidding for the popular app intensifies.
Social media app Lemon8 has been in the spotlight as a potential ban in the US haunts TikTok.
The threat of a TikTok ban stems from a law signed by President Biden last year that would ban the popular platform in the U.S. on Jan. 19 if ByteDance doesn't make the sale. Oral arguments in the case centering on a possible ban are scheduled to be heard in the Supreme Court on Friday.
Both social media apps are from Chinese tech company ByteDance.
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Lemon8 has been around for over 4 years. It is also distributed in multiple countries including Japan, where it was first released, and the United States, where it was rolled out in early 2023.
The Lemon8 application, available for download on the Apple App Store on smartphones, was deployed in the Brooklyn borough of New York City on Friday, March 31, 2023. (Gabby Jones/Bloomberg via Getty Images/Getty Images)
According to TikTok's recent press release, the app allows users to “discover and share useful content related to beauty, fashion, travel, and more.”
The release said it features “creative tools, collages, filters, effects, stickers, and text templates” that users can use when creating posts on the platform.
It is integrated with TikTok, allowing users to have one account for both apps. This feature became available in November.
Parts of Lemon8's interface look similar to Instagram and Pinterest.
The Lemon8 application on a smartphone located in the Brooklyn borough of New York City on Friday, March 31, 2023. (Gabby Jones/Bloomberg via Getty Images/Getty Images)
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FOX Business has reached out to ByteDance for comment on whether Lemon8 could be affected by the law that will be considered by the Supreme Court. According to the text, it targets websites and apps that are “directly or indirectly operated” by ByteDance, TikTok, and its subsidiaries.
Lemon8 is listed on both the Apple App Store and Google Play in the US, with ratings of 4.5 stars and 3.8 stars, respectively.
In addition to TikTok and Lemon8, ByteDance's other apps include CapCut, Lark, and Mobile Legends: Bang Bang. In the US, more than 170 million people use the TikTok app.
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ByteDance was founded in 2012.
The ByteDance logo seen at the company's headquarters in Shanghai on January 6, 2022. (Photo credit: VCG/VCG via Getty Images / Getty Images)
Co-founders Zhang Yiming and Liango Rubo are both billionaires, with assets worth $45.6 billion and $2.2 billion, respectively, according to Forbes magazine.
