The Trump administration is reportedly negotiating about Oracle’s potential takeover of TikTok, as revealed by a recent NPR report.
In the preceding year, legislators mandated that Chinese parent company ByteDance must either sell TikTok’s U.S wing or face a ban. TikTok experienced a brief shutdown before the law was put into effect on January 20, which was revoked by an executive order issued by President Donald Trump.
Trump expressed initial approval for a strategic deal to rescue TikTok — a “joint venture” involving the original stakeholders or new proprietors, granting the U.S a 50% share of ownership.
According to NPR, the specifics of the deal point towards Oracle assuming control of TikTok’s global operations while ByteDance retains its minority stake.
Trump’s previous attempt to coerce TikTok into a sale introduced Oracle as a prospective purchaser, albeit unsuccessfully. Subsequently, TikTok announced its decisive move to channel all its U.S traffic through Oracle servers. Trump voiced his support for any acquisition made by Oracle chairman Larry Ellison or X owner Elon Musk.
Meanwhile, several senators who initially backed the “bane-or-sell” bill are questioning Trump’s plans, reiterating that the law necessitates a complete divestment by ByteDance.
Original source: Read the full article on TechCrunch
