TikTok rejects Microsoft buyout offer, Oracle remains sole bidder

18

New York: US tech giant Microsoft has said that its offer to buy TikTok was rejected. ByteDance abandoned the sale of TikTok in the United States on Sunday in pursuit of a partnership with Oracle Corp that it hopes will spare it a U.S. ban while appeasing China’s government.

Oracle had won the bidding war, citing people familiar with the deal, although the company did not immediately confirm the matter.

The Oracle bid would next need approval from the White House and Committee on Foreign Investment in the United States.

TikTok has been at the center of a diplomatic storm between Washington and Beijing, and President Donald Trump has given Americans a deadline to stop doing business with TikTok’s Chinese parent company ByteDance — effectively compelling a sale of the app to a US company.

Microsoft had indicated at the beginning of August that it was interested in acquiring TikTok’s US operations, but said Sunday that bid had been rejected.

Downloaded 175 million times in the US, TikTok is used by as many as a billion people worldwide to make quirky, short-form videos on their cellphones. It has repeatedly denied sharing data with Beijing.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.