Microsoft's offer to buy US TikTok is rejected

New York (CNN Business) - ByteDance will not sell TikTok's US operations to Microsoft, according to Microsoft.
"We are confident our proposal would have been good for TikTok's users, while protecting national security interests," Microsoft (MSFT) said in a blog post. "To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combatting disinformation, and we made these principles clear in our August statement."

ByteDance has not responded to a request for comment. TikTok did not immediately respond to requests for comment.

Multiple analysts had described Microsoft's pursuit of TikTok as a potential "coup" for the Washington state-based firm — an opportunity to scoop up one of the world's fastest growing social media platforms at a time when TikTok may be desperate to make a deal.

A deal could have also included an American retail giant: Walmart (WMT) was also participating in negotiations with Microsoft over a potential deal.

Walmart said its interest in TikTok stemmed from the way the app has "integrated e-commerce and advertising capabilities in other markets" and could bolster its access to consumers.

Clare Duffy, Donie O'Sullivan, Sherisse Pham and Brian Fung contributed to this report