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FX.co ★ Oracle wins bidding for TikTok's purchase

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Forex-Humor:::2020-09-24

Oracle wins bidding for TikTok's purchase

Finally, the ordeal of the Chinese app, TikTok, has been over. Despite all the threats and attempts to sabotage the deal, Tiktok’s Beijing-based owner ByteDance decided to go with the flow and pick a trusted tech partner in America. As it turned out, that was not an easy task to find the company willing to salvage the video-sharing app that had been caught in the middle of a geopolitical standoff.

However, President Donald Trump’s ban on TikTok has significantly accelerated the process of finding a partner. Oracle Corp. has been selected as the winning bidder for TikTok's US operations. According to a source familiar with the negotiations, Oracle will become a tech partner of ByteDance and will process personal data of US residents. Besides, the deal will be structured as a partnership rather than a divestment. It is still unknown what stake in TikTok will be owned by ByteDance and its investors. Oracle assures the US government that TikTok will comply with US national security requirements. Previously, US officials accused the app of security and privacy breaches, suggesting that user data might be shared with Beijing. Speaking of national security Oracle states, "To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combatting disinformation, and we made these principles clear in our August statement. We look forward to seeing how the service evolves in these important areas."

Earlier it was reported that ByteDance, which owns TikTok, was going to sue the administration of the US President after it imposed a ban on any transactions with the owner of the social network WeChat, Tencent.

 


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