ByteDance Rejects Microsoft Bid to Acquire TikTok

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…Owner Chooses Oracle Over Microsoft

The app owner of TikTok, identified as ByteDance has rejected Microsoft’s offer to acquire its business in the United States.

However, ByteDance has chosen Oracle as the American tech partner that has more potential to keep the popular video-sharing app running in the United States.

Meanwhile some analysts have opined that Oracle’s interest in a consumer business is “misguided.” Jefferies suggested that Oracle should focus more on enterprise-market acquisitions and not invest in a consumer app like TikTok that doesn’t fit with the rest of its business.

Brent Thill compared Oracle’s action to Delta Airlines buying a motorcycle company, which according to him does not make sense.

It should be recalled that the US president, Donald Trump threatened to ban TikTok by September 20 and ordered that its U.S business be sold due to national security risks. The government had concern about the user data of its citizens being divulged to Chinese government. However, TikTok has refuted it being a national security risk and is suing to stop the administration from the threatened ban.

TikTok has 100 million U.S. users and about 700 million users globally. It is popular for its entertaining and goofy videos of lip-syncing, dancing, jokes and pranks.

 

Photo Source: Vulture