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White House announces Oracle Corporation as “trusted tech partner” of TikTok
15 September 2020
Business news sources began reporting on Sunday evening that California-based software services and technology giant Oracle Corporation had been selected by the Chinese-owned social media platform TikTok as its “trusted tech partner” in the US.
The Wall Street Journal reported, “Oracle Corp. won the bidding for the US operations of the video-sharing app TikTok, people familiar with the matter said, beating out Microsoft Corp. in a high-profile deal to salvage a social-media sensation that has been caught in the middle of a geopolitical standoff.”
On Monday morning, the preliminary deal was confirmed by Treasury Secretary Steven Mnuchin, who said his office received a bid from Oracle to take over TikTok’s US operations over the weekend. Mnuchin also said the proposal had yet to be reviewed and approved by the White House.
Secretary of State Michael R. Pompeo meets with the Oracle Leadership Team, in Redwood City, California on January 15, 2020. [State Department photo by Ron Przysucha/ Public Domain]
Mnuchin told CNBC that two aspects of the deal will be examined. The first is by the Treasury Department’s Committee on Foreign Investment in the US ( …
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