Oracle Corp Very Close to Strike a Deal with ByteDance

On Tuesday, US President Donald Trump told that the tech giant Oracle Corp is very close to strike a deal to become the US partner to video sharing app TikTok to avoid a ban in the United States. The other US contender for purchasing TikTok’s US operation is Microsoft whose bid was put to a halt as the parent company repudiated the bid and different reports suggest that they have opted for Oracle’s services.

Oracle Corp Very Close to Strike a Deal with ByteDance

The US President’s comments came 24 hours after US officials affirmed that Oracle was all set to make a deal with ByteDance ahead of a deadline set by Donald Trump, who has declared the app threat to national security.

During a conference, Trump told reporters,

I heard they’re very close to a deal. We’re going to make a decision pretty soon on whether to approve the tie-up, which would make Oracle a trusted technology provider for TikTok.

However, the details of the deal are not clear yet.  According to the report of Financial Times, ByteDance was to place TikTok’s global operations in a new US-headquartered company with Oracle taking part as a minority shareholder in addition to other US investors.

On the other hand, CNBC reported the US authorities could approve the deal later. The TikTok deal adventure has seen several twists, with Microsoft seen initially on the driving seat before its bid was rejected.

Chinese authorities have told that they would not let ByteDance to trade the algorithms used by TikTok which are said to hold much of the value for the famous video sharing platform.

Check out? TikTok owner ByteDance declines Microsoft’s offer