[ad_1]
Chinese Bytedance rejects Microsoft’s offer for the US portion of the Tiktok video app. Instead, Bytedance chooses IT giant Oracle, according to various media outlets.
The Tiktok video app is popular in the US, but it may be banned as of Tuesday if the US company is not sold to an US company at the time.
Anjum Naveed / AP / NTB scanpix
Published:,
“Bytedance informed us today that they will not sell the US Tiktok business to Microsoft,” it was stated in a statement from Microsoft on Sunday.
– We are sure that our offer would have been good for Tiktok users and, at the same time, safeguarding national security, it was further stated in the statement.
For the sake of America’s national security, President Donald Trump has demanded that Chinese Bytedance sell Tiktok’s operations in the United States. If it doesn’t happen before September 15, the app will be banned in the US.
In August, China introduced a new law that requires Chinese authorities to approve the sale of Tiktok by Bytedance.
also read
Bloomberg: can’t sell Tiktok without China’s go-ahead
You can select Oracle
Following Microsoft’s announcement, several US outlets, including The Washington Post, The New York Times, Wall Street Journal and NBC, reported that Oracle’s bid for Tiktok’s US business received the green light. This has not been confirmed and Oracle has declined to comment.
It is unclear whether Tiktok’s choice of Oracle as a partner in the US also means that Oracle will become the majority owner of the Chinese technology company, the New York Times writes in reference to the sources.
It is not known how much Oracle is willing to put on the table to buy Tiktok’s US business. CNBC sources have previously stated that the price will likely be between 20 and 30 billion, which corresponds to up to 270 billion crowns.
Tiktok has not responded to AP inquiries for comment on the case, but Bytedance has previously denied that Tiktok poses any danger to the national security of the United States.
Walmart is still interested
Walmart, the world’s largest retailer, has also joined the battle to buy parts of Tiktok. The American company has collaborated with Microsoft to buy the video application together.
Now Walmart confirms in a statement that it will continue to have a stake in Tiktok, despite the fact that Microsoft lost the battle for the Chinese company.
– Walmart is still interested in investing in Tiktok and is continuing discussions with Bytedance management and other interested parties, the retail chain writes in a statement.
Financial Times: Oracle Wins Tender Round for US Tiktok Market
also read
Tiktok owner threatens to sue him in the US
also read
CNBC: Tiktok’s business in the United States could be sold in the next few days
