Update: Microsoft Reportedly Loses Bid To Acquire TikTok

Tik Tok US Ban OnoBello

According to Microsoft, its offer to buy the US operations of TikTok has been declined amid the September 15th deadline given by President Donald Trump for the popular  Chinese-owned app to sell or shut down due to national security threats.

The Wall Street Journal reported Microsoft led the race to buy the video-sharing app from Chinese company ByteDance, and their failed bid paves the way for Oracle. However Oracle, which sells database technology and cloud systems to businesses, had won the bidding war, citing people familiar with the matter.

On Sunday Microsoft announced that “ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft. We are confident our proposal would have been good for TikTok’s users, while protecting national security interests.”

“We look forward to seeing how the service evolves in these important areas,” its statement added. Oracle’s chairman Larry Ellison is a supporter of Mr Trump and held a fundraising event for him in February.

Earlier this month Mr Trump said the government should get a “substantial portion” of the sale price of TikTok’s US unit if an American firm buys it.

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