TikTok Set To Be Acquired By Oracle As Microsoft’s Offer Is Rejected

PARIS, FRANCE - MARCH 05: In this photo illustration, the social media application logo, Tik Tok is displayed on the screen of an iPhone on March 05, 2019 in Paris, France. The social network broke the rules for the protection of children's online privacy (COPPA) and was fined $ 5.7 million. The fact TikTok criticized is quite serious in the United States, the platform, which currently has more than 500 million users worldwide, collected data that should not have asked minors. TikTok, also known as Douyin in China, is a media app for creating and sharing short videos. Owned by ByteDance, Tik Tok is a leading  video platform in Asia, United States, and other parts of the world. In 2018, the application gained popularity and became the most downloaded app in the U.S. in October 2018. (Photo by Chesnot/Getty Images)
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Oracle looks set to acquire TikTok’s US (and possibly Australian) operations, after Microsoft confirmed its bid to take over the video-sharing app had been rejected.

Last month, US President Donal Trump threatened to ban TikTok, unless it sold its US operations, citing security concerns.

Microsoft immediately emerged as the frontrunner to complete the acquisition and even put out an official statement confirming its interest in the app.

The proposed takeover of TikTok included operations in Canada, Australia and New Zealand, as well as the United States.

However, the possibility of TikTok joining Microsoft was eliminated this morning, with the tech giant confirming its bid had been rejected.

“ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft. We are confident our proposal would have been good for TikTok’s users, while protecting national security interests,” Microsoft said in a statement.

“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 principles clear in our August statement. We look forward to seeing how the service evolves in these important areas.”

While Microsoft was the early favourite to acquire TikTok, Oracle soon emerged as another potential suitor for the video platform.

And according to reports in The Wall Street Journal, Oracle has won the bidding for the social media platform.

It remains unclear whether this takeover will include Australian operations, as the proposed Microsoft would have.

TikTok Australia declined B&T‘s request for comment.

Chinese tech export rules

While Oracle looks set to complete the takeover, questions remain around just what this deal will look like.

The Chinese government – which is reportedly opposed to the move to sell TikTok’s US operations – recently introduced new rules around the export of technologies.

Under the rules, Chinese technologies will need approval from the government before they are exported.

TikTok’s algortihm is expected to fall under these rules.

 

 

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