Microsoft is officially out of the running to buy TikTok. The company issued a brief statement on Sunday confirming that ByteDance, TikTok's parent company, rejected its offer to buy TikTok's US operations.

Did TikTok get bought by Microsoft?

Microsoft says it's not acquiring parts of TikTok's operations, after its bid was rejected by TikTok owner ByteDance. After weeks of talks and very public back and forths involving the Trump administration, Microsoft ultimately failed in its attempts to acquire TikTok.

Who bought TikTok?

TikTok ultimately struck a partnership deal with Oracle and Walmart that would include the U.S. businesses buying a stake in the app and providing secure technology. Under the terms of the deal, ByteDance would still own 80% of the business, a person familiar with the matter told CNBC last year.