TikTok rejects Microsoft bid for U.S. operations

Sep. 13, 2020 7:19 PM ETMicrosoft Corporation (MSFT)WMT, MSFT, ORCL, META, BDNCEBy: Jason Aycock, SA News Editor103 Comments
  • TikTok owner ByteDance (BDNCE) has rejected the bid from Microsoft (NASDAQ:MSFT), backed by Walmart (NYSE:WMT), for its U.S. operations.
  • "ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft," Microsoft says in a statement.
  • "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 combating disinformation, and we made these principles clear in our August statement. We look forward to seeing how the service evolves in these important areas."
  • Depending on how you're counting, a deadline for TikTok to sell its U.S. operations or shut them down is arriving as soon as Tuesday.
  • The group featuring Oracle (NYSE:ORCL) is presumably still in the running for the TikTok unit, but the many-hurdled deal also faces the likelihood that China would rather see the operations shut down than approve a sale seen as forced by the Trump administration.
  • And with a shutdown of 100M monthly active TikTok users in the U.S. now looking like the likely outcome, Facebook's (NASDAQ:FB) copycat Reels feature (one that many consider "the same" as TikTok) may be set to reap the windfall.

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