Deal struck with Oracle to base TikTok in U.S.
Digest more
Trump administration officials on Monday talked up the TikTok deal that they’ve helped arrange and provided more details about the deal’s terms, but they continue to face some skepticism.
The White House has answered what had been one of the major outstanding questions regarding its pending deal to transfer TikTok’s US operations to a majority American ownership group: Under the agreement,
The U.S. will get a copy of TikTok's prized content recommendation algorithm, and that the tech company Oracle will provide security.
The two new chief executives are Clay Magouyrk, who was the president of the company's AI cloud business, Oracle Cloud Infrastructure (OCI), and Mike Sicilia, who was the president of Oracle Industries.
Investors are betting a TikTok acquisition could diversify Oracle’s revenue beyond its massive AI backlog, but with the deal’s final terms still opaque, the transaction is far from guaranteed.
5don MSN
TikTok’s U.S. operations may be bought by Oracle, Andreessen Horowitz, Silver Lake and others
TikTok’s U.S. operations would be acquired by a consortium that includes Oracle under a deal that President Trump is set to discuss with Chinese President Xi Jinping.
A Tiktok deal is expected to close in the next 30 to 45 days, according to a CNBC report. A Tiktok commercial agreement is expected to include existing Bytedance ( BDNCE) investors and new investors, CNBC's David Faber said on the business network on Tuesday, citing people familiar with the matter.
The precise structure of the deal was not clear, the report said, adding that the deal will include multiple companies. The White House, Oracle and TikTok did not immediately respond to Reuters' requests for a comment.