Oracle has apparently won the competition to take over TikTok’s US operations. Microsoft disclosed on Sunday that ByteDance, TikTok’s Chinese owner, rejected Microsoft’s rival bid earlier in the day.
The Wall Street Journal reports that the deal will not be an outright sale. Instead, Oracle will become ByteDance’s US “tech partner.” The details of the transaction aren’t yet public but they will soon be submitted to US regulators for their approval.
It’s a victory for Larry Ellison, the chairman of Oracle and one of the few technology tycoons who has been openly supportive of Donald Trump. Ellison held a fundraiser for Trump in February.