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TikTok, Oracle face several obstacles to stay afloat

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TikTok

TikTok has found a dance partner to keep it going in the US, but it has to convince the feds not to let the deal fail.

US software firm Oracle said it would become the “trusted technology provider” for ByteDance, the Chinese tech giant behind the popular app known for its viral dance videos, in a deal aimed at allaying the Trump administration’s fears. Beijing can communicate with its user. data.

Neither TikTok nor Oracle disclosed substantial details of the deal announced Monday, but it will reportedly be halted before the full sale that President Trump ordered last month.

Oracle is expected to manage the data of US TikTok users and take a stake in its US operations without becoming the full owner, according to news reports. The deal also calls for the creation of a new US-based company called “TikTok Global” with 20,000 new jobs, Treasury Secretary Steven Mnuchin said, adding that the feds will review the proposal this week.

“They have chosen Oracle, we will review it with their technical teams and our technical teams to see if they can make the representations we need,” Mnuchin told CNBC on Monday, a day after Microsoft revealed that ByteDance had rejected their offer. for TikTok.

Mnuchin said the feds have “a lot of confidence” in Oracle and that the company had made “a lot of statements” that it would address the national security issues at stake. These include concerns that American user data may be shared with the Chinese government, allegations TikTok has denied.

Trump himself voiced support for Oracle’s offer last month, calling it a “great company” that “could handle it.” Oracle Co-Founder and President Larry Ellison hosted a Trump campaign fundraising event at his California estate in February and CEO Safra Catz reportedly worked on the White House transition team. of the president.

NY Post

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