TikTok deal to sell U.S. business could be announced as soon as Tuesday

TikTok has chosen a bidder for its U.S., New Zealand and Australian businesses, and could announce the deal as soon as Tuesday, according to people familiar with the situation.

Microsoft, in partnership with Walmart, and Oracle are the two top contenders for the deal. The sale price is expected to be in the range of $20 billion to $30 billion, CNBC reported last week.

However, even though TikTok has selected a bidder, the deal could be slowed down by the Chinese government, which updated its technology export list on Friday to include artificial intelligence technology used by TikTok. TikTok’s Chinese parent company, Bytedance, said in a statement over the weekend that it would need a license from the Chinese government before it can sell to a U.S. company.

Representatives for Walmart and Microsoft were not immediately available to comment. TikTok declined to comment.

This story is developing.