Tiktok was reported to have completed the sale deal. In this, the name of the technology company Oracle was coming as the main partner...
TikTok's owner company ByteDance has denied news of the sale of Tiktok's US operations. Bytedance made it clear that the company is not currently selling its American operations to the American company Microsoft and Oracle. This has been revealed by the report of China's state-run TV channel CGTN. There are reports that Bytedance has canceled its deal with Oracle to appease China.
In fact, Bytedance hopes that perhaps the US ban on the company may be lifted. Let us know that the Tiktok ban of the US government has been challenged in the court on behalf of Bytedance. However, Bytedacne had long been in contact with Oracle and Microsoft Corporation for the sale of US operations before the deal was canceled.
Events before cancellation of the deal
Let me tell you that before the news of the sale of American operations of short video making app Tiktok was completed. Tiktok had emerged as the technology partner Oracle as the main partner in the sale deal and thus Microsoft was reported to be discharged from the deal. Microsoft itself reported Tiktok's purchase to be out of the deal. However, no such deal has been reported from China. But there is still no statement from Bytedance and Tiktok.
Consensus reached on a deal between Tiktok and Oracle
It was earlier reported that a final decision has been taken on the sale of Tiktok's American operations. However, the government is yet to get approval. A consensus has been reached between Oracle and Bytedance over Tiktok's proposal for US operations. But negotiations are still on for the stake. Some of ByteDance's top supporters such as investment firms General Atlantic and Sequoia could also be given some stake in the proposed deal.
Whether or not this deal will be approved by the US President. No situation is clear about this at the moment. Let us tell you that the majority of Trump TikTok's American operations were wanted by the American company. In such a situation, will this deal be approved by Trump? The suspense remains intact.
Deal approval from the government remains
The Committee on Foreign Investment in the United States (CFIUS) is a government panel that reviews national security issues and deals. It then gives its approval. The committee will also decide on the ByteDance and Oracle Deals case. In such a situation, the committee will have to keep a close watch on this deal. ByteDance has prepared a plan for approval of the deal in front of CFIUS, in which the deal of China Ocean Company holding China Oceanwide will be set as an example.
In fact, two years ago, American insurance company General Financial was bought by China Oceanwield Holdings Group. At that time, a local company was brought in to form a third party partner to manage the data of American insurance holders. A similar proposal could be presented by Bytedance to American CFIUS in a deal with Oracle Company and Oracle Company could be incorporated as a third party company for data management of Americans.
Trump support Larry Ellison
Let us know that Larry Ellison, the chairman of Oracle, is considered to support Trump. The firm is very important in handling and securing data. But currently, Oracle does not have social media experience. Oracle's clients are companies, not users. The data of users of TikTok is currently on Google Owner Alphabet Inc's cloud.
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