The sale of U.S. operations of Tiktok has reached its final milestone. Oracle has emerged as the main partner in the Tiktok sale deal and thus Microsoft has been removed from this deal. Microsoft itself has reported Tiktok’s purchase to be out of the deal. However, no statement has come from Oracle and Tiktok.
Deal between Tiktok and Oracle
It is reported that the final decision has been taken on the sale of Tiktok’s American operations. However, approval is yet to be received from the government.
An agreement has been reached between Oracle and Bytedance on Tiktok’s proposal for US operations. But negotiations are still on for the stake.
Some of ByteDance’s top supporters such as investment firms General Atlantic and Sequoia could also be given some stake in the proposed deal. Whether or not this deal will be approved by the US President. No situation is clear about this at the moment.
The majority of TikTok’s U.S. operations were wanted by the U.S. company. In such a situation, will this deal be approved by Trump? The suspense remains intact.
Deal approval from the government remains
The Committee on Foreign Investment in the United States (CFIUS) is a government panel that reviews national security issues and deals. It then gives its approval.
The committee will also take decisions in the ByteDance and Oracle deal cases. In this case, the committee will have to keep a close eye on this deal.
ByteDance has prepared a plan for approval of the deal in front of CFIUS, In which the deal of China-based company China Oceanwide holding Group will be presented as an example.
In fact, two years ago, American insurance company General Financial was bought by China Oceanwield Holdings Group. At that time, a local company was brought in to form a third party partner to manage the data of American insurance holders. Bytedance could present the same proposal.
Larry Ellison is Trump support
Larry Ellison, the chairman of Oracle, is considered to support Trump. The firm is very important in handling and securing data. But currently, Oracle does not have social media experience. Oracle’s clients are companies, not users. The data of users of TikTok is currently in Google owner Alphabet Inc’s cloud.