TikTok Owner Declines Microsoft's Bid One Week Before U.S. Ban

*UPDATE: Software giant Oracle has won the bid for TikTok's US assets, according to the Wall Street Journal.*

TikTok's owner has declined Microsoft's bid to acquire the company just one week before the United States' ban goes into effect. There has been a ton of back and forth between the company and the various American suitors eyeing the social media app. Microsoft told everyone that they are out of the running to purchase the company. It feels like time is running out for ByteDance to actually get the sale done within the allotted time. Discussions around the algorithm's ownership have proved to be an amazing roadblock in the discussions. Most of the companies would like that to be a part of the sale. Meanwhile, China wants no part of handing that technology over and would rather have it banned if they are not allowed to retain the ownership. President Trump said that there would not be an extension on the deadline to sell the company earlier this week.

"ByteDance let us know today they would not be selling TikTok's U.S. operations to Microsoft. We are confident our proposal would have been good for TikTok's users, while protecting national security interests," Microsoft wrote on its corporate blog. "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 services evolves in these important areas,"

TikTok's CEO Kevin Mayer opted to step down from his position as the situation around the app began to change in recent weeks. He told the employees about his decision.

"In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for," Mr. Mayer said. "Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company."

Current head of the company Vanessa Pappas tried to calm fans after word of the ban first began to trickle out.

"I want to say thank you to the millions of Americans who use TikTok every day. Bringing their creativity and joy into our daily lives. We've heard your outpouring of support and we want to say thank you, and we're not planning on going anywhere," Pappas said on Twitter. "TikTok is a home for creators and artists to express themselves, create ideas, and connect with individuals across different backgrounds. We are so proud of the various communities that call TikTok their home. I'm also proud of our 1,500 U.S. employees that work on this app every day. The additional 10,000 jobs that we're bringing into this country over the next three years."

Do you think that TikTok will get sold? Let us know in the comments!