U.S. Government Works on TikTok Sale To Oracle
The Trump administration is reportedly developing a plan to rescue TikTok which involves software giant Oracle to take over the social app’s international operation.
The NPR report stated that the agreement is being negotiated by the White House, ByteDance, the company’s Chinese owner, would keep a minority stake in TikTok, Oracle already provides the web infrastructure for the app and will be in charge of the algorithm, data collection, and software updates.
Trump earlier approved a TikTok takeover attempt involving Oracle and Walmart in 2020 but it failed.
According to a source familiar with the talks, Walmart is not participating after objecting to the viral video app’s estimated price. Oracle is interested in a TikTok stake “in the tens of billions,” but the rest of the deal is up for grabs. Oracle and White House officials met on Friday to discuss a possible deal; another meeting has been set for next week.
Although the specifics are still being worked out, it would mean that American investors would own most of the social media app.
An individual directly involved in the discussions, who was not permitted to publicly, stated, “The objective is for Oracle to effectively monitor and provide oversight with what is happening with TikTok.”. “ByteDance would reduce Chinese ownership, but it wouldn’t entirely disappear. ”
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