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Oracle has entered the race to acquire TikTok, the popular Chinese-owned short video app that President Donald Trump has vowed to shut down unless it is taken over by a US company by mid-November, people briefed about the matter have said.

The tech company co-founded by Larry Ellison had held preliminary talks with TikTok’s Chinese owner, ByteDance, and was seriously considering purchasing the app’s operations in the US, Canada, Australia and New Zealand, the people said.

Oracle was working with a group of US investors — including General Atlantic and Sequoia Capital — that already owned a stake in ByteDance, the people added.

Microsoft has been the lead contender to buy TikTok since it publicly said in early August that it had held discussions to explore a purchase of the app’s US, Canada, Australia and New Zealand businesses. (FT)

Coronavirus digest

  • Wall Street’s benchmark stock index struck an all-time high on Tuesday, rallying more than 50 per cent from the darkest days of the coronavirus crisis.

  • China’s share of global exports fell three percentage points last year, according to a new study.

  • Nearly two-thirds of Americans fear it will be unsafe to send children back to school this year, according to…

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