New restrictions on exports of artificial-intelligence technology forced TeakTalk’s parents to slow down negotiations with companies including Microsoft Corp, Walmart Inc and Oracle Corp for a portion of the social media app late Friday Issued. According to people familiar with the case.
ByteDance, which received a broad outline of bids for Ticketock properties on Friday, was expected to enter into a special discussion with a group over the weekend. In early August the Trump administration set a mid-September deadline for ByteDance to sell its American operation.
Microsoft and Walmart are working together, and Oracle is also joined by ByteDance investors General Atlantic, Sequoia Capital and Coatue Management LLC.
“We are studying the new regulations issued on Friday,” said Bydtons General Counsel Erich Anderson. “As with any cross-border transaction, we will comply with applicable laws, which include the US and China in this case.”