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General Atlantic, Sequoia Capital Are Key Drivers in Oracle Bid for TikTok
- Leary 6y agoNew info revealed by article: "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." "Microsoft had said it might invite some U.S. investors to join its bid. But more recently Sequoia and General Atlantic grew concerned that they wouldn’t have a place in a Microsoft deal and looked for another potential tech partner that could give them a piece of the action, some of the people said. " "Bidders have been asked to submit offers by the end of the week, and one of the parties could enter exclusive negotiations soon, according to people familiar with the matter. " "TikTok representatives have engaged with other companies about potential involvement in a bid. They approached Netflix Inc. to gauge its interest in a deal, people familiar with those discussions said, but the video-streaming giant passed, one of them said." "Zhang Yiming, ByteDance’s founder and chief executive, favors Microsoft, said people familiar with his thinking."