TikTok's parent company rejects Microsoft takeover offer

Microsoft on Sunday night announced via a blog post that its takeover offer for TikTok's U.S. operations has been rejected by TikTok's parent company, China's ByteDance.

Next up: Oracle is the only publicly known bidder left for TikTok U.S., which soon faces a White House deadline to either agree to a deal or be banned.

Microsoft's full statement:

ByteDance let us know today they would not be selling TikTok’s US operations to Microsoft. 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.

Earlier: Resetting the TikTok deal odds