Oracle wins the bidding war on TikTok versus Walmart and Microsoft just days before the announced US ban.
The Trump government before gave an ultimatum to ByteDance, owner of shortform video app TikTok to sell its US operations to an American company or face a ban on September 15.
The Wall Street Journal reported that Oracle acquired the deal after Microsoft had declared their loss. The deal does not involve purchasing of all intellectual property and assets, though- TikTok has mentioned that they intend to keep Oracle as a ‘trusted tech partner’.
Walmart and Microsoft were believed to be coming to an agreement to buy the company together and have it as a direct competitor versus Instagram’s ad placement and shopping network but the deal fell through.
In the end the deal landed on Oracle’s lap. The company is notably recognized for its cloud computing and Java platforms. As of now there hasn’t been any official announcement from either company.
