Tech giant Oracle could potentially join forces with TikTok in a potential US deal, as per a recent report.
In a significant development, a potential deal between TikTok and a consortium led by Oracle Corp. could save the popular video-sharing app's operations in the United States. The deadline for this deal was set after a meeting with Chinese negotiators in Madrid. The deal, if finalized, would involve multiple companies, with Oracle Corp. being specifically mentioned as the key US partner chosen by ByteDance, the Chinese company that owns TikTok. No other firms have been explicitly named as part of the consortium in the available sources. Last year, the US Congress passed a law requiring divestiture of TikTok due to fears of data access by the Chinese government. This potential deal comes as a response to these concerns. The deal structure is not clear at this time. No specific details about the deal have been disclosed, and 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. However, the potential deal between the US and China is reported by CBS News. The US President Donald Trump and Chinese President Xi Jinping are scheduled to confirm a framework agreement for TikTok to transition to US-controlled ownership on Friday. Approval from the Republican-controlled US Congress would be required for any TikTok deal. TikTok has 170 million US users, making it a significant player in the social media landscape. If the deal goes through, it could mark a significant shift in the tech industry, potentially setting a precedent for future deals involving Chinese tech companies and US regulations. It's important to note that this is a developing story, and more details about the deal structure are expected to be revealed in the coming days. Photo: Reuters
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