Oracle Takes Over TikTok
Contrary to the industry’s expectations, Oracle Corp. won the bidding for the U.S. operations of the video-sharing app TikTok, against Microsoft.
Industry critics said, beating Microsoft Corp. in a high-profile deal to salvage a social-media sensation is a geopolitical standoff.
They said, the deal may not be structured as an outright sale and that Oracle is set to be announced as TikTok’s “trusted tech partner” in the U.S.
The expected phase is the approval by the White House and the Committee on Foreign Investment in the U.S. as it satisfies the concerns around data security that have been previously raised by the U.S. government.
On Monday,Steven Mnuchin, Treasury Secretary affirmed that his office received the bid proposal from Oracle for TikTok’s operations at the weekend and said that the Treasury-led Committee on Foreign Investment in the U.S. would review during the week.