14 September 2020
Until now, Microsoft was the only serious contender for acquiring ByteDance's popular short video sharing app TikTok. It has even confirmed its intentions officially revealing that it is interested in the company's operations globally. However, a new Financial Times report claims that the Redmond-based tech giant is not the only interested party anymore.
Oracle has emerged as the newest tech giant interested in acquiring TikTok. The report mentions that Oracle is seriously exploring the opportunity to acquire TikTok's operations in the United States, Canada, Australia, and New Zealand. It has even held preliminary talks with ByteDance through a group of investors that already own a stake in the parent company. These include Sequoia Capital and General Atlantic.
The report has emerged after President Trump's new executive order that has given ByteDance a lease of 90 days to find a suitable partner for either selling or spinning off U.S. operations. It essentially doubles the deadline which was originally set to just 45 days in the previous order. If it fails to do the needful in the given period of time, Trump will likely ban the app in America just like it is already banned in India.
It is important to note that ByteDance is reportedly interested in selling assets limited to the US, Canada, Australia, and New Zealand operations. This is something that is in line with Oracle's plans but is way different from what Microsoft is planning. Nevertheless, acquisition deals are always tricky and things can change within a matter of seconds. We will keep you updated on all the developments around this particular deal.