Microsoft ‘s TikTok acquisition bid has finally come to an end. The American tech company says ByteDance, TikTok’s owner rejected their proposal.
“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.”
Microsoft was the first in line to try and acquire TikTok’s operations in the US, Australia, Canada, and New Zealand.
Oracle, another potential buyer, has reportedly been selected as a trusted tech partner instead.
Through the deal, Oracle will only manage TikTok’s US cloud operations, which is different from the initial outright sale. The discussion terms seem to have changed after China’s export rules.
In late August, China passed new laws around the export of artificial intelligence technology that directly affected the TikTok negotiations.
Initially, the Trump administration had threatened to ban TikTok, giving the parent company 45 days, then added 45 more, to give up operations in the US.