The investment firms, which own large stakes in Beijing-based ByteDance Ltd., are key drivers behind a possible bid for TikTok by a group including Oracle Corp., the people said. They are now pushing the potential Oracle bid, which quickly won President Trump’s public support, although some of the people said the Microsoft talks are fluid and outside investors could still be included as minority investors in Microsoft’s bid. TikTok filed a lawsuit Monday challenging Mr. Trump’s initial executive order, saying his administration failed to follow due process in issuing it. At least three camps have been circling a possible TikTok deal. While Oracle lacks experience running consumer tech businesses, it has political connections that could help its pursuit of TikTok.

Source: Wall Street Journal August 24, 2020 23:15 UTC