Triller owner prepares direct listing amid social media pivot

TrillerNet, the owner of short video app Triller, is preparing to file with US regulators in July for a direct listing as it pivots from competing against larger rival TikTok to streaming live events, according to people familiar with the matter.

The preparations come after TrillerNet explored going public last year through a merger with a special purpose acquisition company (SPAC). Those efforts lost steam as investors began to sour on SPAC deals involving companies with little or no profitability.

Unlike with a traditional initial public offering, TrillerNet would not sell any shares in its direct listing, which could come as early as September, the sources said.