Oracle Acquires TikTok as Microsoft Loses Bid
Software provider, Oracle would be the new owners of video-sharing app TikTok‘s US operations, beating Bill Gates’ Microsoft to the bid.
Microsoft announced on Sunday, Sept. 13 that the owners of TikTok rejected its proposal to acquire the US arm of the business.
The US President, Donald Trump had issued an executive order that threatened to ban TikTok in the US by Sept. 20 and compelled its Chinese owner, ByteDance to sell the business to a US-owned company.
The order is just one of the economic sanctions the Trump administration has imposed on China since the protracted trade relations between both countries.
Trump said TikTok poses a national security risk to the US and that it could share data about its users with the Chinese government.
Consequently, Microsoft and Oracle were the two main suitors bidding for TikTok ownership but ByteDance, which is in a race against time, would open its arms to Oracle’s deal.
According to Financial Times, which cited inside sources, the deal has not been finalised with Oracle yet but both parties have reached a preliminary “technical partnership” agreement.
ALSO READ: Tiktok Accused of Secretly Gathering User Data and Sending It to China
Many did not see the ByteDance-Oracle deal coming being that the Oracle Group is chaired by Larry Elisson, an avid Trump supporter, as Microsoft believes that its proposal would have been more favourable to TikTok users.
“We are confident our proposal would have been good for the TikTok’s users, while protecting national security interests”, Microsoft wrote in a blog post.
It was also gathered that US retail giant, Walmart is working with Microsoft on the deal and the company insists it will continue to discuss a possible deal with TikTok.
TikTok has over 100 million U.S users and about 700 million globally. It app is known for its fun, goofy videos of dancing, lip-syncing, pranks and jokes.
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