President Donald Trump stated that he has spoken with many people about the TikTok sale and there is significant interest in the application. The President added that he will likely make a decision about TikTok’s future within the next 30 days.
Is TikTok’s US Operations Going to Oracle?
According to Reuters, the Trump administration is working on a plan that would allow Oracle and a group of external investors to control TikTok’s US operations. Under the agreement, ByteDance, TikTok’s China-based parent company, will continue to hold shares in the company. However, after TikTok sale, critical data collection and software updates will be supervised by Oracle.
Trump noted that he has not directly discussed the TikTok acquisition with Oracle CEO Larry Ellison. The President also stated that he is not seeking a deal with Oracle. In his statement, he said, “No, not with Oracle. Many important people are talking to me about buying it, and I will likely make a decision in the next 30 days.”
23 countries have implemented partial or complete bans on TikTok, reflecting a growing apprehension toward the platform
The terms of the potential deal are variable. Sources indicate that negotiations may involve not just the US market but TikTok’s global operations. The plan also includes the participation of ByteDance’s current US investors: Susquehanna International Group, General Atlantic, Kohlberg Kravis Roberts, and Sequoia Capital.
The TikTok issue has been ongoing for months due to the app’s Chinese origins during the Trump administration. In 2020, Trump signed an executive order requiring TikTok to be sold to a US company by mid-September to continue operating in the US. This deadline was later extended to January 19, 2021.
