After China rejected Microsoft bidding for TikTok’s US operations, Oracle has stepped in and won the bid two days before President Trump’s deadline.
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According to the Daily Mail, the software company won the bidding for TikTok US earlier today but the deal has to be approved by the United States government and China. The deal will be handled as restructuring within the company but it will not disclose how much ByteDance and other investors will own as of today.
Microsoft released a statement after being rejected by ByteDance and said they were confident our proposal would have been good for TikTok’s users while protecting national security interests and would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combating disinformation.’
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It was also reported that Walmart wanted to partner up with Microsoft on the deal and the company is currently in process of suing the Trump administration for the ban. A statement about Oracle’s bidding has yet to be released from TikTok and its parent company.