Credited from: BUSINESSINSIDER
Following a recent ban that temporarily removed TikTok from U.S. app stores, some iPhone users are taking advantage of the situation by selling their devices with the app already installed for immensely inflated prices. As reported by USA Today and CNN, sales listings have skyrocketed, with many users marketing their phones as rare commodities.
As of this week, TikTok has been removed from Apple and Google app stores due to federal laws, much to the concern of its 170 million users in the U.S. Although existing users can still access the app, those who did not have TikTok installed or have since deleted it face a bleak situation with no immediate download option.
In the immediate aftermath of the ban, eBay witnessed a surge in listings featuring the phrase ‘TikTok installed,’ with results exceeding 45,000 searches for this term alone. Sellers have reportedly listed older models, such as the iPhone 7 for $3,000 and the iPhone 15 Pro for as much as $25,000. A particularly audacious listing was found for a fully functional iPhone 15 Pro Max priced at a staggering $4.9 million, as highlighted by Business Insider.
The timeline for TikTok's return to app stores remains unclear. President Donald Trump signed an executive order to delay the ban's enforcement, offering a 75-day reprieve for TikTok to formulate a strategy for its operations in the U.S. Experts believe extensive negotiations involving the Chinese government and TikTok's parent company, ByteDance, are necessary to facilitate its return. As General Atlantic CEO Bill Ford mentioned, "the Chinese government, the U.S. government, and the company and the board all have to be involved in this conversation,” as reported by CNN.
While sellers are motivated by the current void in app availability, many eBay listings do not have active bids, indicating that prices may not reflect actual market value. Nonetheless, the current frenzy emphasizes how the absence of an app can trigger unexpected market behavior.
For ongoing updates about TikTok and its availability, continue to monitor major news outlets.