Microsoft's offer to buy TikTok's U.S. operations rejected
Microsoft announced on Sunday that the Chinese company ByteDance rejected its offer to purchase TikTok's U.S. operations.
In early August, President Trump issued an executive order saying TikTok, a popular video-sharing app, was a national security risk, and ByteDance had until mid-September to sell off its U.S. operations or the app would be banned. A person with knowledge of the matter told The Associated Press ByteDance chose Oracle, the only other publicly known bidder, to buy the app. Oracle has close ties to Trump, with Larry Ellison, its co-founder and chairman, a supporter who has hosted a fundraiser for the president.
In a statement, Microsoft said it was "confident our proposal would have been good for TikTok's users, while protecting national security interests." Microsoft had previously said it would have to take over TikTok's algorithms and computer source code in order to protect the privacy of U.S. users and keep the Chinese government from using the app to spread disinformation. In response, the Chinese government issued new regulations so TikTok would have to get permission from Beijing before transferring its technology to a foreign buyer.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published
-
Immigration helped the US economy outpace peers
speed read The U.S. economy grew at an annualized rate of 3.2% last quarter
By Peter Weber, The Week US Published
-
4-day workweek gets boost from UK study
Speed Read Following a six-month trial, the majority of participating British companies are still using the truncated schedule
By Peter Weber, The Week US Published
-
US sues to block Kroger-Albertsons merger
Speed Read The Federal Trade Commission sued to block the $24.6 billion merger between the grocery giants
By Peter Weber, The Week US Published
-
Nvidia sees historic stock rise on AI chips success
Speed Read U.S. chipmaker Nvidia achieved the biggest one-day increase in value of any company in history
By Peter Weber, The Week US Published
-
New York may seize Trump's assets for $450M penalty
Speed Read The former president likely owes $600 million from two civil judgments in New York
By Peter Weber, The Week US Published