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Oracle is near to buy TikTok

Oracle is near to buy TikTok

Under ByteDance's latest announcement, Oracle will be the firm's technology partner and assume management of TikTok's U.S. user data said on Sunday. ByteDance announced Oracle as strategic preliminary “technical partnership” agreement with US company- Oracle for TikTok’s US operations. Partnership does not involve the full sale of the short video app. Existing ByteDance investors are also expected to have a stake in the final deal, but any deal would require the support of the US and Chinese governments. 

The White House steps up efforts to eliminate untrusted Chinese apps from U.S. digital networks. Trump has also banned transactions with Tencent’s messenger app WeChat.

"User data protection and assurances around how the company's algorithms push content to U.S. users are thoughtful components of a substantive solution, but whether they can change political outcomes is a much more difficult question," said regulatory lawyer John Kabealo.

Oracle rose by more than 8% in pre-market on Monday.