ByteDance Ltd, the Chinese owner of TikTok, has selected Oracle to be the social video app’s U.S. technology partner, and Oracle will take a significant stake in the business, according to reports citing people familiar with matter.
Meanwhile, Microsoft said Sunday that ByteDance would not sell TikTok’s US operations to the company.
“We are confident our proposal would have been good for TikTok’s users, while protecting national security interests,” Microsoft said in a statement.
U.S. President Donald Trump, who has ordered a ban of Chinese video-sharing app TikTok unless it is bought by a domestic company, recently before said he would not extend the deadline given for its parent ByteDance to sell TikTok’s U.S. assets.
Last week, Bloomberg had reported that ByteDance was most likely to miss the deadline for a sale, following new Chinese regulations. Chinese officials reportedly require any proposal to be submitted for approval with detailed information about technical and financial issues, and the review is expected to take time.
Microsoft said on August 2 that it was in talks to buy TikTok in the United States, Canada, Australia and New Zealand. Weeks later Walmart said it was in talks with Microsoft on a possible TikTok deal.
It was on August 6 that Trump signed the Executive Order to ban TikTok, along with another Chinese firm WeChat, citing a threat to national security, foreign policy, and economy of the United States.
Trump earlier said he wanted a deal by September 15, while the executive order gives a 45-day time till September 20. Meanwhile, the Committee on Foreign Investment in the United States or CFIUS requires sale of TikTok assets by mid-November.
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