Tik-Tok rejects Microsoft bid at the eleventh hour. American Company Microsoft has said that its offer to buy the United State operations of highly popular video-sharing app Tik-Tok has been rejected, paving the way for Oracle to make a last-minute bid.
United States President Donald Trump gave a 15 September deadline for the Chinese-owned app to sell or shut down. The Trump administration claims that most of the Chinese applications and Tik-Tok are national security threats.
Microsoft and Oracle led the race to buy Tik-Tok from Chinese firm Byte Dance.
The Wall Street Journal and Reuters said that make reference to people familiar with the matter Oracle has won the bidding war.
On Sunday the United States Company Microsoft announced that “Byte Dance let us know today they would not be selling Tik-Tok’s US operations to Microsoft. We are confident and totally agreed with our proposal would have been good for Tik-Tok’s users, while protecting national security interests.”
A spoke person of Tik-Tok said that “our company was not commenting on Microsoft development or not to Oracle speculation”. Oracle’s chairman Larry Ellison is a supporter of United States President Mr. Trump and also organized was a fundraised event for him in February.
Both United States companies Oracle and Microsoft led the race to buy Chinese Tik-Tok from Chinese firm Byte Dance.
The Wall Street Journal and Reuters have reported that Oracle Company, which sells to another company database technology and cloud systems to our businesses. It had won the bidding war, citing people familiar with the matter.
A report had said that Oracle was seriously considering buying Tik-Tok’s businesses in the United States, Canada, Australia, and New Zealand with investment firms, including General Atlantic and Sequoia Capital.
United States President Donald Trump has said that technology giant Oracle would be “a great company” to take over Tik-Tok’s United States operations. United States President Mr. Trump’s comments during a speech in Yuma, Arizona – came after reports that Oracle was working on an offer for some Tik-Tok assets with a group of Byte Dance’s investors.
Thank you for reading. We hope this gives you a brief understanding of the latest news. Are you interested read about other latest technology-related news? Explore our Technology News blogs for more.
