Monday, September 14, 2020

TikTok Sale: ByteDance Partners With Oracle

ByteDance has selected Oracle as its partner for a deal to keep TikTok operating in the U.S., a source familiar with the talks confirms .

The decision comes as ByteDance has rejected a bid by Microsoft that earlier this summer was seen as the likely option for the company as it looked to avoid a shutdown of the popular social media app amid increased tensions between the U.S. and China. Microsoft confirmed that its bid had been rejected in a statement on its corporate blog on Sunday nigh
Microsoft was seen as the favorite to move forward in negotiations with ByteDance given its deep pockets, which would have helped it address the security concerns that led President Donald Trump to require the business to be sold if it wanted to continue to operate in the U.S. Walmart had planned to team up with Microsoft on the bid but was not mentioned in the company's statement.

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