Opinion: TikTok and WeChat expose Big Tech’s lack of innovation

TikTok has brought significant innovations to short-form videos. Its personalisation algorithm surfaces the most-relevant entertaining content for its users, driving the app to be the most-downloaded in the world this year; it now reaches 100 million Americans. And while US services languished, WeChat has also become a super-app, expanding from messaging to payment, shopping, gaming and many other features. — Bloomberg

The jockeying by Microsoft Corp and possibly other US companies to buy TikTok’s US operations shines a harsh light on how American technology giants are falling behind on innovation in social media and other areas of opportunity.

Both ByteDance Ltd’s TikTok and Tencent Holdings Ltd’s WeChat are living on borrowed time in the US after President Donald Trump signed executive orders last week effectively banning the apps after 45 days. The renewed focus brings to the forefront how badly American social media apps have lagged their Asian counterparts.