Below is an extract of a post published on Metro titled "Oracle beats Microsoft in bidding war to buy TikTok in the US"
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Via: Metro
It comes a week before Donald Trump’s deadline for the company to sell its US business (Picture: REX) Computer software company Oracle has beaten Microsoft to secure a deal for Chinese-owned TikTok’s operations in the US. A source told the Wall Street Journal that although Oracle will be TikTok’s ‘trusted tech partner’ the deal will probably not be a complete sale but rather a restructuring that allows Oracle to manage TikTok’s US user data. The agreement was struck just a week before Donald Trump’s deadline for TikTok’s parent company ByteDance to sell its US business. The president said the app would be banned over ‘national security risks’. The US is concerned that TikTok has been sharing user data with Beijing although TikTok has said it would not do that. Mr Trump previously said he wanted Microsoft to own most of Tik Tok in the US – but the tech giant announced on Sunday that its bid to buy the app had been rejected. In a statement the company said Bytedance ‘let us know today they would not be selling TikTok’s US operations to Microsoft’. It added: ‘We are confident our proposal would have been good for TikTok’s users, while protecting national security interests. ‘To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combating disinformation, and we made these principles clear in our August statement. ‘We look forward to seeing how the service evolves in these important areas.’ Tik Tok denies that it is a security risk (Picture: REUTERS) It is still not clear whether Mr Trump and the Committee on Foreign Investment in the US will approve the deal with Oracle. On Friday Reuters reported that Beijing opposed a forced sale of TikTok’s US operations and would rather it shut down. ByteDance hit back, telling Reuters that the Chinese government had never suggested to it that it should shut down TikTok in the United States or in any other markets. It also denies that TikTok is a national security risk and is suing to stop the American administration from banning the app with Chinese foreign ministry spokesman Zhao Lijian accusing the US of abusing the concept of national security and ‘oppressing foreign companies’. Get in touch with our news team by emailing us at webnews@metro.co.uk. For more stories like this, check our news page.
