Both TRON and NEO wanted to acquire the peer-to-peer file sharing program BitTorrent, with NEO even offering 50 million more.
According to Coindesk, according to comments from a NEO company representative, and in accordance with internal documents of the BitTorrent company, NEO Global Capital offered $170 million for the Internet protocol, and TRON founder Justin Sun offered $120 million. As a result, BitTorrent accepted TRON's offer, considering it more favorable for its resource and its shareholders.
According to Coinmarketcap, in the top 20, NEO ranks 14th with a market capitalization of $1.5 billion, and TRON is 13th with a market capitalization of $1.7 billion.
Justin Sun began negotiating with BitTorrent a month before NEO company, in December 2017. Sun did not want to acquire the entire company, but only a majority stake, while NEO wanted to be the sole owner of BitTorrent, offering US$115 million for all preferred shares and US$55 million for all common shares. NEO hoped that BitTorrent "could create a decentralized file storage system that would be generally useful for any decentralized web or blockchain project."
There are various explanations for why BitTorrent did not accept NEO's proposal.
Some say that NEO itself changed its mind, or that the company's investment department wanted to remove the clause from the contract requiring the deal to be completed within 6 months. According to Neo's head of investment, Weiyu Zhu, the company began to doubt the technical capabilities of BitTorrent to create a decentralized file storage system.
In addition, there were concerns about political disputes in the United States following attempts by Huawei and ZTE to invest in American companies.
According to chepicap.com
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