Microsoft has confirmed that ByteDance, owners of TikTok has rejected offers to buy the company’s U.S operations.
The American tech giant said in a statement that ByteDance informed that they would not be selling TikTok’s U.S operation to them.
“ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft, – the statement read.
“We are confident our proposal would have been good for TikTok’s users, while protecting national security interests. 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.”
The move leaves Oracle as the sole publicly known remaining bidder for TikTok.
ByteDance has indicated that Oracle would be its “technology partner,” but it was unclear whether that meant it would also take a majority ownership stake of the app, according to people involved in the negotiations.