TikTok rejects Microsoft’s offer to buy shares of video-sharing app
According to details, Microsoft has stated that its bid to purchase the US operations of hugely popular video-sharing app TikTok has been rejected, paving the way for Oracle to make a last-minute bid.
The President of United States, Donald Trump had given a September 15 deadline for the Chinese-owned app to either sell or close down its business citing TikTok and other Chinese apps as a threat to national security.
To buy operation fof TikTok from Chinese firm ByteDance, Microsoft and Oracle both made the offers to the video sharing app.
As per Wall Street Journal and Reuters, Oracle had won the bidding war, citing people familiar with the matter.
Reports had suggested that Oracle was seriously interested in purchasing TikTok's businesses in the Canada, Australia, New Zealand and US with investment firms, including General Atlantic and Sequoia Capital.
“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,” Microsoft announced on Sunday.
“We look forward to seeing how the service evolves in these important areas,” its statement added.