The Financial Times reports that Larry Ellison's Oracle has entered the race to acquire TikTok. The short video sharing social media app is Chinese-owned, under attack by Donald Trump, and is also being pursued by Microsoft.
A group is reportedly working with investors on behalf of Oracle in an effort to outbid Microsoft after the recent Trump divestment order.
"Oracle was working with a group of US investors that already own a stake in ByteDance, including General Atlantic and Sequoia Capital," reports the Financial Times:
Microsoft has been the lead contender to buy TikTok since it publicly said in early August that it had held discussions to explore a purchase of the app's US, Canada, Australia and New Zealand businesses.
Microsoft has also seriously considered a bid to take over TikTok's global operations beyond the countries it outlined this month, people briefed on the company's thinking have said. The Redmond, Washington-based company is particularly interested in buying TikTok in Europe and India, where the video app has been banned by Narendra Modi, Indian prime minister.
ByteDance is opposed to selling any assets beyond those in the US, Canada, Australia and New Zealand, said a person close to the company.
The entry of Oracle into the race provided ByteDance with a credible alternative to Microsoft's offer, said one person with direct knowledge of the matter.
More at the Financial Times.
FT Exclusive: Larry Ellison's Oracle has entered the race to acquire TikTok, the Chinese-owned short video app also sought by Microsoft https://t.co/zob9fsZ5iR pic.twitter.com/CzisLSsoiR
— Financial Times (@FinancialTimes) August 18, 2020
Trump orders ByteDance to divest interest in U.S. operations of TikTok within 90 days
