Microsoft announced today that its bid for a purchase of TikTok 2 days before a President Trump imposed deadline for a sale of the app was rejected by ByteDance, a statement reads:
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. To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combatting disinformation, and we made these principles clear in our August statement. We look forward to seeing how the service evolves in these important areas.
The Wall Street Journal is reporting that following Microsoft’s public drop out as a buyer, ByteDance has chosen Oracle as a “trusted tech partner,” the deal is not reported to be structured as a complete sale of the app. An official announcement of the deal is expected.