Connect with us

Breaking News

President Trump Gives his ‘Blessing’ to TikTok and Oracle Deal

Published

on

President Trump gives his ‘blessing’ to TikTok and Oracle deal

US President Donald Trump has given the proposed acquisition of TikTok by US based software firm Oracle his blessing, saying that the deal would help to protect the personal data of hundreds of millions of users in the US.

“I have given the deal my blessing,” President Trump told reporters at the White House. “I approve the deal in concept,” he added.

President Trump has repeatedly said that he will ban the Chinese video sharing platform from the US, unless its parent company, ByteDance, sells it to a US based investor. The move comes as part of a concerted push against Chinese owned tech firms by the US government.

Microsoft was believed to be in the driving seat to acquire TikTok and had said that it hoped to conclude discussions over a potential deal by the 15th of September 2020. However, TikTok pulled out of the proposed deal with Microsoft at the eleventh hour, leaving Oracle as the preferred bidder.

The proposed deal with Oracle would see the creation of a new company, named TikTok Global, which would be headquartered in the US. TikTok Global’s board would be comprised of predominantly American directors, as well as having a US based CEO.

Both Oracle and US retail giant Walmart would take large stakes in the new company. Crucially, data of TikTok Global’s users would be stored by Oracle.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on FacebookTwitterYoutube, and listen to our Weekly PodcastClick here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

(c) 2020 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2022 Breaking News Alerts. This copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.