Microsoft's bid for TikTok has been rejected

After earlier reports a TikTok sale to a US company could be finalized soon, Microsoft has announced that Bytedance, the Chinese company behind TikTok, has rejected Microsoft's bid for control over TikTok's US operations.

Microsoft's plans for TikTok included keeping all private data stored from TikTok in the US.

"ByteDance let us know today they would not be selling TikTok's US operations to Microsoft," said Microsoft in a statement. "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."

The rejection leaves Oracle , a cloud computer corporation, as the sole known suitor for TikTok's US operations. Oracle has been less forthcoming than Microsoft regarding its plans for the service. Oracle didn't immediately respond to a request for comment. According to some reports, a third US company has also made bids.

President Donald Trump announced his intention to ban TikTok, unless a US company takes it over, was announced during a press conference on Aug. 4. Speaking to reporters, Trump specifically mentioned Microsoft as a candidate -- the only company he explicitly referenced. His executive order formalizing the ban threat was issued two days later.

More to come...