Sunday, September 13th, ByteDance has rejected Microsoft and Walmart’s joined bid to purchase Tik Tok’s United States business. China’s ByteDance has rejected Microsoft’s recent bid, joined with Walmart, to buy TikTok’s business in the United States. In a recent post laid out by Microsoft (MSFT), it was mentioned that their bid has been turned down.
“ByteDance let us know today they would not be selling TikToks U.S. operations to Microsoft,” noted by Microsoft. “We are confident that our proposal would have been good for TikTok’s users, while protecting national security interest. 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 principals clear in our August statement. We look forward to seeing how the service evolves in these important areas.”
This begs the question: what’s next for the TikTok acquisition?
With the refusal of Microsoft’s bid, this leaves Oracle (ORCL) to take the lead, or no bid will be made what-so-ever. Oracle is the only remaining bidder for TikTok, with the purchase deadline being September 20th. If a deal is not made by the 20th, the United States Government will ban TikTok within the nation.
It is just as likely that the Chinese government will choose not to sell the United States business at all. This is in an effort to not appear weak in the face of pressure from President Donald Trump.
TikTok has over 100 million active users in the United States and has taken over to be the most powerful social media platform in the nation.
More on this as it develops…