Oracle is now the favourite to take over US operations of the popular Chinese-owned video-sharing app.
On Sunday Microsoft announced that “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.”This paves the way for Oracle, who Mr Trump said would be"a great company" to take over TikTok's US operations last month.
Earlier this month Mr Trump said the government should get a"substantial portion" of the sale price of TikTok's US unit if an American firm buys it.Mr Trump ordered TikTok's owner ByteDance to sell its US business within 90 days or face being shut down.The forced sale of TikTok's US business is part of a wider crackdown on Chinese technology firms in America.
Huawei also faces a ban on 15 September that effects its non-American suppliers. They will have to stop shipping to Huawei if their products contain US technology. To be able to supply Huawei they will need a license from the US Commerce Department.Two weeks ago, China announced new government restrictions on tech exports. The rules are believed to be aimed at delaying the TikTok sale. The restrictions meant some technologies such as AI, will need government approval before they can be exported.
Neither Microsoft or Oracle are seen as the most obvious suitors for TikTok, which has a predominantly young audience who share short-form lip-synching videos.
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