American tech giant Microsoft said on Sunday that its offer to buy TikTok was rejected, as a deadline looms for the Chinese-owned video app to sell or shut down its US operations.
"ByteDance let us know today they would not be selling TikTok's US operations to Microsoft," it said in a statement quoted by AFP.
"We are confident our proposal would have been good for TikTok's users, while protecting national security interests," the statement added.
Meanwhile, Reuters reported that ByteDance has picked a consortium led by Oracle Corp. for a deal for the US operations of TikTok.
ByteDance has been in talks to sell TikTok’s US busines to potential buyers since US President Donald Trump threatened last month to ban the service if it was not sold.
The company will need approval for the deal from governments of the United States and China.
Trump last month signed an executive order giving Americans 45 days to stop doing business with ByteDance.
The company later announced it will challenge the crackdown on the service in court.