Microsoft's Bid To Buy TikTok Has Been Rejected; Oracle Emerges As Winner

Microsoft will not acquire TikTok's US operations. The Xbox company announced on Sunday evening that TikTok owner ByteDance has rejected Microsoft's offer.

Microsoft said it believes its proposal was a good one, but the two companies ultimately could not come to terms. The Wall Street Journal reported that Oracle has emerged victorious in the discussions, though it's not an outright sale. Instead, Oracle will become TikTok's "trusted tech parter" in the US.

Microsoft's statement follows below.

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