Technology giant Microsoft’s offer to buy a US portion of the popular video-sharing app TickTock has been rejected. ByteDance, a Chinese company owned by TicTac, has chosen Oracle Corporation to sell the app. This information was given in the report of BBC online.
Last month, US President Donald Trump threatened to ban ticks in the United States if they did not sell. He set a deadline of mid-September. The Trump administration has threatened to ban the ticket if it is not sold to a US company by September 20. The Trump administration claims that other Chinese applications, including TickTock, pose a threat to the country’s national security. Microsoft and Oracle then offered to buy it. Microsoft said on Sunday that ByteDance had turned down an offer to buy TickTock’s US business.
The Wall Street Journal and Reuters reported on Monday that BitDance had rejected an offer from US technology giant Microsoft in a bid to buy tickets. TickTock will now need US and Chinese government approval to sell US businesses to Oracle.
Earlier, CNBC reported that the price of a tick could be between two thousand and three thousand crore dollars. The Chinese government has imposed special restrictions on contracts with US companies. China has updated its technology export list to allow TickTock to export artificial intelligence technology.
Kevin Mayer, the company’s chief executive, resigned last month after a ticket sales deal was finalized. He worked for the company for only a few months. Vanessa Pappas, the executive of the company, is currently in charge of Tiktak. The executive order, signed by Trump last month, said the tick was a threat to national security. For this reason, the creator of TickTock cannot be traded with ByteDance. This instruction will take effect after 45 days.