As the news came from Microsoft of no longer being part of the biding race for TikTok’s U.S. operations, the rumors started to spread over digital media that Oracle is the winner. However, China’s state broadcaster CGTN confirmed that ByteDance has neither sold TikTok’s U.S. operation to Oracle nor Microsoft.
President Donald Trump has threatened the developers of TikTok, ByteDance to sell its U.S. business before September 20, or else TikTok will get banned in America because of the Chinese ownership of the app. As there is no official news from ByteDance, the company has very little time to make a deal and continue its operations in the US.
It was very much believed that Microsoft will become the trusted tech partner of TikTok but on Sunday, Microsoft announced that its bid for TikTok was rejected, hence making them out of the picture in the bidding. In their statement, Microsoft said, “Bytedance let us know today they would not be selling TikTok’s US operations to Microsoft”. Just after this clarification from Microsoft, rumors began to circulate stating Oracle has won the bid.
Few days back, the Chinese Government revised it export rules and sure that no company from China sells its algorithms or source code to anyone while making a deal. As a result, one of the most valued startup, ByteDance has denied sharing its source code and algorithms to any of the US buyers said a source to CGTN.
TikTok, an app to share funny, lip-syncing, singing, dancing, and many more types of videos have over 100 million users in U.S. and more than 700 million users globally. It is also believed that the app has around $50 billion of the asset in U.S. Hence, ByteDance cannot afford to lose such great acquisition and it is surely going to be a big deal.