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If the transaction happens, Oracle would become ByteDance’s technology partner responsible for the management of TikTok’s data and take a minority stake in TikTok, according to sources.
FILE PHOTO: The logo of Chinese video app TikTok is seen on the side of the company’s new office space at the C3 campus in Culver City, in the westside of Los Angeles.
US President Donald Trump has said Silicon Valley tech giant Oracle is “very close” to sealing a deal with TikTok to avoid a ban in the United States.Trump’s comments, on Tuesday, came a day after US officials confirmed that Oracle was set to become the US partner of the Chinese-owned popular video app by ByteDance.The US is by far the largest TikTok market in terms of revenue, which it generates by selling advertisements.”I heard they’re very close to a deal,” Trump told reporters, adding that “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.READ MORE: Oracle sole remaining bidder after TikTok rejects Microsoft buyout offerThe deadlineThe deal announcement came ahead of a deadline set by President Trump in early August …
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