Tech giant Oracle reportedly in discussions for potential TikTok deal with US government
A potential deal that could see TikTok transition to US-controlled ownership is reportedly in the works, according to multiple news sources including CBS News and Reuters. The details of the agreement, however, remain unclear.
The deal, if finalized, would involve a consortium led by Oracle Corp, which could allow TikTok to continue operations in the US. This comes after former President Donald Trump emphasized that the United States holds the power to approve the deal for TikTok's US assets to be transferred from ByteDance to US owners.
The agreement is expected to be confirmed during a call between US President Donald Trump and Chinese President Xi Jinping on Friday. However, the specifics of the deal structure are yet to be clarified.
The report does not mention any other countries involved in the deal. It is also worth noting that the agreement does not provide a timeline for the potential deal.
The deal comes as a result of concerns about user data access by the Chinese government. Last year, the US Congress passed a law requiring divestiture due to these concerns. The agreement, therefore, requires approval from the Republican-controlled US Congress.
If the deal is finalized, it could potentially be extended by 90 days to ensure its completion. However, no timeline for the potential extension has been provided.
It is important to note that no photo details were provided in the report. Furthermore, the White House, Oracle, TikTok, and the Chinese embassy in Washington did not respond to requests for comments outside regular business hours. Reuters could not immediately confirm the report about the deal.
The deadline for the deal, which could have disrupted TikTok in the US, has been encouraged by Chinese negotiators due to a meeting in Madrid. The deal, if confirmed, could mark a significant development in the ongoing US-China tech rivalry.
In the US, TikTok has 170 million users, making it a popular platform for a significant portion of the population. The potential deal could have far-reaching implications for these users and the broader tech industry.
As more details about the deal emerge, it will be interesting to see how this agreement unfolds and what it means for TikTok, its users, and the tech industry as a whole.
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