Microsoft’s bid to purchase the social media powerhouse app Tik Tok was denied by parent company ByteDance. Microsoft revealed the information in a statement where they broke down the details.
“ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft. 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.”
Reports noted that ByteDance reportedly came to an agreement with the company Oracle, who is known for their software as well.