After the tech giant Microsoft, another United States based tech giant Oracle has also joined the race to purchase the Chinese short video sharing app TikTok which has been threatened to be banned by US president Donald Trump unless its Chinese owner ByteDance divests the app to an American company by middle of November, said reports quoting sources with knowledge of the matter.
According to a report published by the Financial Times, preliminary talks with TikTok’s Chinese owner, ByteDance, has been held by the American tech company co-founded by Larry Ellison and was seriously contemplating buying off the US, Canada, Australia and New Zealand operations of the app.
Sources were also quoted as saying that owning a stake in ByteDance is already being attempted by Oracle long with a group of US investors which includes names such as General Atlantic and Sequoia Capital.
Its interest in the purchasing of the Chinese app was made public by Microsoft in early August when it had announced in a blog post that had held negotiations for a possible purchase of the app’s business and operations in the US, Canada, Australia and New Zealand.
Reports also said that purchasing the worldwide operations and business of TikTokm in addition to the countries it outlined this month, was being seriously considered by Microsoft. Of particular interest for Microsoft is the businesses and operations of the app in Europe and India, said reports quoting sources close to the Redmond, Washington-based company. India had banned TikTok in June over national security concerns after a border tussle with China in the Northern Himalayan region of Ladakh.
Reports however also said sale of none of its operations beyond those in the US, Canada, Australia and New Zealand is in the ambit of ByteDance’s thinking.
A credible alternative to Microsoft’s offer is also now available for the Chinese company with the entry of Oracle into the race.
Reports has also mentioned of initial negotiations between TikTok and Twitter with the latter intending to purchase the short video sharing app. However there were serious concerns about the ability of the microblogging site to be able to finance an acquisition deal if that happened at all.
After a recommendation from the Committee on Foreign Investment in the US, which is a government panel that vets foreign transactions, Trump ordered ByteDance to divest TikTok’s US operations within 90 days last week.
There was “credible evidence” with the US administration about ByteDance using TikTok, which had more than 2 billion downloads across world in 2020, to create a threat for the national security of the US, said the Trump order.
It has been reported that all such allegations of data sharing Chinese authorities have been denied by ByteDance.
Trump has been openly supported by Ellison, who is among the richest people in the world, and one of the few in Silicon Valley to come out in support of Trump. He had held a fundraiser for the US president at his estate in Coachella Valley, California in February.
(Source:www.ft.com)
According to a report published by the Financial Times, preliminary talks with TikTok’s Chinese owner, ByteDance, has been held by the American tech company co-founded by Larry Ellison and was seriously contemplating buying off the US, Canada, Australia and New Zealand operations of the app.
Sources were also quoted as saying that owning a stake in ByteDance is already being attempted by Oracle long with a group of US investors which includes names such as General Atlantic and Sequoia Capital.
Its interest in the purchasing of the Chinese app was made public by Microsoft in early August when it had announced in a blog post that had held negotiations for a possible purchase of the app’s business and operations in the US, Canada, Australia and New Zealand.
Reports also said that purchasing the worldwide operations and business of TikTokm in addition to the countries it outlined this month, was being seriously considered by Microsoft. Of particular interest for Microsoft is the businesses and operations of the app in Europe and India, said reports quoting sources close to the Redmond, Washington-based company. India had banned TikTok in June over national security concerns after a border tussle with China in the Northern Himalayan region of Ladakh.
Reports however also said sale of none of its operations beyond those in the US, Canada, Australia and New Zealand is in the ambit of ByteDance’s thinking.
A credible alternative to Microsoft’s offer is also now available for the Chinese company with the entry of Oracle into the race.
Reports has also mentioned of initial negotiations between TikTok and Twitter with the latter intending to purchase the short video sharing app. However there were serious concerns about the ability of the microblogging site to be able to finance an acquisition deal if that happened at all.
After a recommendation from the Committee on Foreign Investment in the US, which is a government panel that vets foreign transactions, Trump ordered ByteDance to divest TikTok’s US operations within 90 days last week.
There was “credible evidence” with the US administration about ByteDance using TikTok, which had more than 2 billion downloads across world in 2020, to create a threat for the national security of the US, said the Trump order.
It has been reported that all such allegations of data sharing Chinese authorities have been denied by ByteDance.
Trump has been openly supported by Ellison, who is among the richest people in the world, and one of the few in Silicon Valley to come out in support of Trump. He had held a fundraiser for the US president at his estate in Coachella Valley, California in February.
(Source:www.ft.com)
