The owner of TikTok has chosen Oracle over Microsoft as its preferred suitor to buy the popular video-sharing app, according to a source familiar with the deal.\r\nMicrosoft announced Sunday that its bid to buy TikTok has been rejected, removing a leading suitor for the Chinese-owned app a week before President Donald Trump promises to follow through with a plan to ban it in the US.\r\n\r\n\r\nMicrosoft said in a Sunday statement that TikTok's parent company, Bytedance, \u201clet us know today they would not be selling TikTok\u2019s US operations to Microsoft.\u201d\r\nThe Trump administration has threatened to ban TikTok by mid-September and ordered ByteDance to sell its US business, claiming national-security risks due to its Chinese ownership. The government worries about user data being funneled to Chinese authorities. TikTok denies it is a national-security risk and is suing to stop the administration from the threatened ban.\r\nWalmart had planned to partner with Microsoft on the deal. It's not clear if Walmart is still interested. Oracle has declined to comment.\r\nTikTok also declined comment Sunday.\r\nMicrosoft said Sunday it was \u201cconfident our proposal would have been good for TikTok\u2019s users, while protecting national security interests.\u201d The company said it "would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combating disinformation."