The viral sensational network Tik Tok has finally found a home. On Sunday, reports revealed that Oracle Corporation was presented as victorious in the bid for the social networking service.
Tik Tok became an overnight sensation in 2020, amid the coronavirus pandemic preventing many U.S. citizens from leaving their home and turning to the internet. Over time, the app has racked up more than 100 million users in America.
The announcement of Oracle’s purchase came just shortly after Microsoft informed a news outlet that their offer for the Tik Tok had been turned down by its former owner ByteDance (founded by Zhang Yiming).
“ByteDance let us know today they would not be selling TikTok’s U.S. operations to Microsoft,” Microsoft said. “We are confident our proposal would have been good for TikTok’s users while protecting national security interests. To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combatting disinformation, and we made these principles clear in our August statement. We look forward to seeing how the service evolves in these important areas.”
Before Oracle’s acquisition, Tik Tok was under pressure to sell its U.S. operations as soon as possible due to a Sept. 20 deadline or be banned by the Trump administration. Donald Trump and other U.S. politicians have stated that the network represents a threat to national security. TikTok has denied the allegation and sued the Trump administration over one of the orders, calling it “heavily politicized.”
Although the details regarding the deal have not been released, it is being reported as being an outright sale. Before the Oracle deal can be complete, the White House and the Committee on Foreign Investment in the U.S. still must approve it.