Microsoft loses the acquisition race for TikTok

ByteDance declined the acquisition deal made by the company after weeks of meetings as well as discussions including the Trump management. Oracle would appear to be one of the most likely candidate right now as TikTok’s modern technology partner, much more as a cloud company than as a parent firm with direct control.

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Microsoft says it’s not acquiring parts of TikTok’s operations, after its bid was rejected by TikTok owner ByteDance. After weeks of talks and very public back and forths involving the Trump administration, Microsoft ultimately failed in its attempts to acquire TikTok.

“ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft,” says Microsoft in a statement. “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.”

Microsoft originally confirmed last month that it was pursuing a deal to buy TikTok’s operations in the US, Australia, Canada, and New Zealand. Reports also suggested Microsoft might be considering buying all of TikTok’s global operations, with the Financial Times suggesting talks around this particular deal were at the “preliminary” stage.

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https://www.theverge.com/2020/9/13/21360130/microsoft-tiktok-acquisition-bid-rejection-bytedance

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