White House in talks to have Oracle and U.S. investors take over TikTok

 

By Keith Wilder

The White House is currently negotiating a deal where Oracle and a group of U.S. investors would take control of TikTok's global operations. Under this plan, ByteDance, TikTok's China-based owner, would retain a minority stake, but Oracle would oversee the app's algorithm, data collection, and software updates. This move aims to minimize Chinese ownership and address national security concerns. The terms of the deal are still being finalized, and other potential investors, including Microsoft, are also involved in the talks.

Here's some more information on the ongoing talks about Oracle and U.S. investors potentially taking over TikTok:

1. **Negotiations and Stakeholders**: The White House is negotiating a deal where Oracle and a group of U.S. investors would take control of TikTok's global operations. ByteDance, TikTok's China-based owner, would retain a minority stake. The deal aims to address national security concerns by minimizing Chinese ownership.

2. **Oracle's Role**: Oracle would oversee TikTok's algorithm, data collection, and software updates. This move is intended to ensure better oversight and security of user data.

3. **Other Potential Investors**: Besides Oracle, other potential investors, including Microsoft, are also involved in the talks. However, the terms of the deal are still being finalized, and it's not yet clear who will ultimately take control.

4. **Congressional Approval**: One of the key hurdles is gaining approval from Congress. The deal must meet the requirements of "qualified divestiture" from ByteDance to comply with U.S. laws.

5. **Ongoing Discussions**: Meetings between Oracle, the White House, and other stakeholders are ongoing, with another meeting scheduled for next week. The discussions are still fluid, and the final terms of the deal could change.

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