“I talked to many people about TikTok and there is great interest in TikTok,” said Trump, reminding that the US Congress has given a 90-day period on this issue, and said, “If we can save TikTok, I think it would be a good thing.”
Oracle’s name is mentioned frequently
Although technology giant Oracle has been mentioned for an agreement to take over TikTok’s US operations, there is currently no definitive agreement. On the other hand, according to sources speaking to Reuters, TikTok’s China-based owner ByteDance will continue to retain control of the application, while Oracle will undertake data security and software updates. Oracle is interested in “tens of billions of dollars” worth of shares in TikTok, according to NPR.
In addition to Oracle, companies such as Sequoia Capital, General Atlantic and Susquehanna International Group, among ByteDance’s existing US investors, may also be involved in the potential deal. In his previous statements, Trump said that the USA should have a 50 percent share in TikTok. Apart from Oracle, the investor group led by Frank McCourt and YouTube star Mr. Beast is also interested in TikTok.
The app, used by approximately 170 million Americans, was temporarily taken offline for users shortly before a law passed by ByteDance on January 19 stating that it must be sold or banned on national security grounds. One day later, Trump signed a decree aiming to postpone the implementation of the law, which was put into effect after he took office, for 75 days.