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Monday, October 25, 2021

Oracle-TikTok deal confirmed

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Source: Twitter

Cloud major Oracle on Monday confirmed a deal with ByteDance, the Chinese owner of short video-sharing platform TikTok which has been under pressure to divest its US operations for more than a month now.

The confirmation by Oracle comes a day after Microsoft, which was among the frontrunners to seal a deal for TikTok’s US operations, revealed that its bid was rejected by ByteDance.

“Oracle confirms Secretary (Steven) Mnuchin’s statement that it is part of the proposal submitted by ByteDance to the Treasury Department over the weekend in which Oracle will serve as the trusted technology provider,” Oracle said in a statement.

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“Oracle has a 40-year track record providing secure, highly performant technology solutions,” they added.

READ ALSO: Oracle joins the race to acquire TikTok in US, Aus, NZ markets

Source: Twitter

Earlier in the day, US Treasury Secretary Mnuchin said that the US government received a proposal from Oracle related to the TikTok deal over the weekend and that the government plans to review the deal this week.

“I will just say from our standpoint, we’ll need to make sure that the code is, one, secure, Americans’ data is secure, that the phones are secure and we’ll be looking to have discussions with Oracle over the next few days with our technical teams,” Mnuchin told CNBC regarding the TikTok deal.

The Donald Trump administration had earlier raised concerns that the Chinese state could have access to TikTok user data.

Both China and TikTok denied the allegations. That, however, did not stop the Trump administration to put pressure on the short video-sharing platform to divest its US operations.

However, the negotiations got complicated after China updated its list of technologies that are subject to export ban. The new list includes technology used by ByteDance, leading the company to assure that it will adhere to export restrictions.

TikTok was banned in India in June, along with 58 other Chinese apps over national security concerns.

IANS

READ ALSO: Indian startups recruiting talent from banned Chinese apps

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