After Microsoft and Twitter, Oracle in talks to buy TikTok's US operations
Oracle is now in talks with the China-based company to acquire the US operations of TikTok
US President Donald Trump had given an ultimate to TikTok to sell off its US business within 90 days.
Microsoft in a statement had announced that they are in talks with Bytedance and US government to acquire the US operations of TikTok.
Seems like ByteDance's TikTok has too many takers in the US. After Microsoft and Twitter, tech giant Oracle is now in talks with the China-based company to acquire the US operations of TikTok. US President Donald Trump had given an ultimate to TikTok to sell off its US business within 90 days else he will shut down the app in the country.
As per the Financial Times report, Oracle has been considering has been in talks with Bytedance regarding TikTok's US operations. If reports are to be trusted, Oracle is seriously considering taking over TikTok's US, Canada, Australia, and New Zealand operations. The report also revealed that Oracle already owns a stake in ByteDance.
Bytedance and Oracle are yet to comment on this piece of news.
Earlier, Microsoft in a statement had announced that they are in talks with Bytedance and US government to acquire the US operations of TikTok. However, a Financial Times report later revealed that Microsoft is not only eyeing the US operations but also planning to take over the global operations of the short video platform. Microsoft, however, is yet to issue an official statement about its plans to acquire the global business of the ByteDance-owned short video platform.
Apart from Microsoft, Twitter was also in talks with Bytedance regarding a potential deal. However, the experts had stated that it would be practically impossible for Twitter to acquire a company like TikTok within 45 days as it does not seem to possess the kind of financial backing. A report stated that One of Twitter's shareholders, private equity firm Silver Lake, was interested in funding a potential deal.
US President Trump had earlier signed an executive order barring transactions with ByteDance. "The spread in the United States of mobile applications developed and owned by companies in the People's Republic of China continues to threaten the national security, foreign policy, and economy of the United States," the executive order reads. "At this time, action must be taken to address the threat posed by one mobile application, in particular, TikTok."
TikTok, however, wasn't expecting Trump to take such a drastic step. In response to Trump's order, TikTok had said in a statement, "We are shocked by the recent Executive Order, which was issued without any due process. For nearly a year, we have sought to engage with the US government in good faith to provide a constructive solution to the concerns that have been expressed. What we encountered instead was that the Administration paid no attention to facts, dictated terms of an agreement without going through standard legal processes, and tried to insert itself into negotiations between private businesses."
source - india today