ByteDance Investors Behind Oracle Bid For TikTok - pymnts.com

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Investment firms Sequoia Capital and General Atlantic are behind the bid for Oracle to acquire TikTok, according to a report by The Wall Street Journal (WSJ).

The firms are both big investors in TikTok parent ByteDance, and the deal could help the company avoid a ban by the President Donald Trump administration that has made headlines in recent weeks. Trump signed an executive order giving ByteDance 90 days to divest its U.S. interest in TikTok, citing national security concerns.

Oracle is a recent candidate and possible alternative to Microsoft, the initial frontrunner in the likely bid for the popular video-sharing app. Microsoft said this month that it had been talking to TikTok about buying the latter in the U.S. and three other countries.

Both Sequoia and General Atlantic are board members of ByteDance, WSJ reported. Sequoia's seat is held by China head Neil Shen, with the U.S. acquisition efforts being handled by Global Managing Partner Doug Leone. Meanwhile, General Atlantic's seat is occupied by CEO Bill Ford, who is also managing the acquisition efforts in the U.S.

There are two points that could possibly count as conflicting interests — their role as board members is to get the greatest possible value for ByteDance, and trying to buy into the U.S. at a good price so as to capitalize on TikTok's potential, WSJ reported.

Bidders for TikTok in the U.S. have been asked to submit their offers by the end of this week. Sources WSJ spoke with said there could be one firm — not named in the WSJ piece — close to reaching a deal already. Microsoft, though, has been the most advanced, WSJ sources said, and the company reportedly wants to complete discussions by Sept. 15.

Oracle, WSJ reported, is less likely of a candidate due to its lesser experience in running a social media app.

Microsoft and Oracle have been the most-talked-about contenders, although Twitter has also expressed preliminary interest without making much progress on real talks.

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