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Microsoft failed to bid for TikTok

Microsoft gift cards Microsoft's efforts to buy TikTok's social media operations outside China have ended, even as rival bidder Oracle's proposal has apparently succeeded.

The Wall Street Journal writes that Oracle, a rare ally of the Trump administration in Silicon Valley, will be announced as TikTok’s “trusted tech partner” in the United States. Additionally, the Journal cites that a person familiar with the matter says the deal is “likely not to be structured as an outright sale.”

TikTok, which says it has 100 million U.S. users and about 700 million globally, is known for its fun, goofy videos of dancing, lip-syncing, pranks and jokes. It’s recently become home to more political content such as the comedian Sarah Cooper, who drew a large audience by lip-syncing Trump’s own often-disjointed statements from public appearances.

"I will confirm that we did get a proposal over the weekend that includes Oracle as the trusted technology partner, with Oracle making many representations for national security issues," Mnuchin told CNBC. "There's also a commitment to create TikTok Global, a U.S.-headquartered company with 20,000 new jobs. I'm not going to go into the entire proposal -- we will be reviewing that at the CFIUS committee this week. And then we will be making a recommendation to the president and reviewing it with him."

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