Beijing Kunlun Tech is looking to sell the popular LGBTQ+ dating app after the Committee on Foreign Investment in the United States (CFIUS), a U.S. national security panel, raised concerns about its ownership being a national security risk. The specific concerns were not disclosed by sources who spoke to Reuters. (Reuters)
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Beijing Kunlun Tech is looking to sell the popular LGBTQ+ dating app after the Committee on Foreign Investment in the United States (CFIUS), a U.S. national security panel, raised concerns about its ownership being a national security risk. The specific concerns were not disclosed by sources who spoke to Reuters. (Reuters)
Talking point: This is an unusually high-profile example of how the CFIUS can influence the undoing of an already-completed acquisition: Kunlun’s acquisition of Grindr took place between 2016 and 2018 by way of two separate deals, but the Beijing-based company did not submit the acquisition for review by the CFIUS which, according to Reuters’ sources, made it vulnerable to the intervention. The case is also yet another example of the U.S.’s security concerns surrounding app developers, particularly those owned by Chinese firms, that collect users’ personal data.
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