Thursday, August 11, 2022
Thursday, August 11, 2022
Home social media Oracle joins the race to acquire TikTok’s US business

Oracle joins the race to acquire TikTok’s US business

by Val Lukhanyu
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California based tech giant oracle has expressed its interest to acquire TikTok’s US operations joining Microsoft and Twitter in the buy-out race.

The company, Together with several US investors has held preliminary talks with TikTok’s parent company Byte Dance to secure TikTok’s operation in tghe US, Canada, Austrialia and New Zealand.

President Trump issued an executive order last Friday ordering ByteDance to sell its US business within 90 days. The order says, the US has credible evidence that ByteDance was using to breach the US security. The order prohibits TikToks further operations in the US as it is believed that TikTok might take action that threatens to impair the national security of the United States.

ByteDance has further been directed to divest any data it obtained from users of TikTok or Musical.ly in the United States. 

President Trump also authorised US officials to inspect TikTok and ByteDance to ensure the safety of personal data of nearly 80 million American users of the short video making app.

As at now, it’s unclear how much TikTok has placed on the stake but Oracle and Microsoft have almost equal chances on securing the deal. According to the FT, but there were serious concerns about Twitters ability to finance the deal.

A Washington based company Redmond has also expressed interest in buying out TikTok’s stake in Europe and India where it was recently banned but ByteDance is opposed to selling its assets beyond the US, Canada, Australia and Newzealand.

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