Oracle Reportedly Wins Race To Acquire TikTok’s U.S. Operations

Oracle has agreed to purchase TikTok’s U.S. operations from its Beijing-based parent ByteDance, weeks after President Donald Trump issued an executive order that threatened to ban the app unless it was sold to an American company, according to the Wall Street Journal.

 

The Journal did not have details about the deal, including its price.

 

Microsoft on Sunday evening said it was out of the running for TikTok and that its bid had been rejected by ByteDance.

 

Oracle emerged as frontrunner in the race to acquire TikTok last month. The software giant’s bid was being backed by venture capital firms General Atlantic and Sequoia Capital, both of whom are major investors in TikTok’s Beijing-based parent ByteDance.

 

One of Sequoia’s partners, Doug Leone—a major Trump donor—and Bill Ford, CEO of General Atlantic, had reportedly been working with the White House to help secure the deal for Oracle’s consortium.

 

Oracle’s bid beats out a competing joint offer by Microsoft and retail giant Walmart, which had publicly entered the fray on Thursday, telling CNBC that it would use TikTok to grow its e-commerce and advertising business.

 

Last month, Trump had endorsed Oracle’s bid calling it “a great company” while expressing support for the company’s billionaire co-founder Larry Ellison, who is also a donor to the President’s reelection campaign.

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