Microsoft on Sunday said ByteDance will not be selling TikTok's U.S. operations to the company.
"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 said in a statement.
Another bidder for the wildly popular social media platform, Oracle, is gaining the upper hand as its negotiations for TikTok's U.S. operations have intensified in recent days, Bloomberg reported citing people with knowledge of the matter.
U.S. President Donald Trump set a deadline last month for TikTok to be sold to a U.S. company by September 20 or face a ban.