Technology Trump approves TikTok-Oracle deal, he says
What’s Going on With Trump’s TikTok Ban and the Microsoft Deal?
As TikTok users continue to hold their looped breath, Microsoft is again trying to acquire the app after dealing with some Trump-prompted confusion.Trump also weighed in — somewhat confusingly — on a developing (seemingly White House-backed) deal aimed at avoiding the ban between ByteDance, the Chinese internet company which owns the app, and Microsoft. “[It’s] not the deal that you have been hearing about,” Trump continued, “that they are going to buy and sell, and this and that — and Microsoft and another one. We’re not an M&A [mergers and acquisitions] country.
President Donald Trump said Saturday that he has OK'd "in concept" a deal for Oracle to acquire the US operations of popular video app TikTok, says that say unless such a deal goes through. A ban on US downloads of the app is set to go into effect Sunday.. Trump had earlier cited national security concerns in
The Trump administration has said it's concerned about the TikTok app because the app collects data on its US users and TikTok's parent company, ByteDance -- a Chinese firm -- could be compelled by China's communist government to share that information. TikTok has repeatedly said such concerns are baseless.
TikTok sues Trump administration over ban in US
In a lawsuit reportedly filed in federal court, the popular video app says Trump's order didn't provide evidence TikTok is an actual threat.The lawsuit was filed Monday in the US District Court for the Central District of California, according to the New York Times. In a blogpost, TikTok said Trump's order didn't follow due process or provide "evidence that TikTok was an actual threat." The executive order also failed to justify its "punitive actions," the company said.
On his way to a campaign rally in North Carolina, Trump told reporters that he had given the TikTok-Oracle deal "my blessing," Bloomberg reported. The news outlet noted that for the deal to be finalized, China's government would have to sign off on it. Chinese officials have indicated that the government is willing to approve an agreement so long as ByteDance doesn't have to give up the artificial intelligence algorithms behind the TikTok app.
The agreement has Bytedance retaining a majority of TikTok's assets and control over the app's algorithm, and Oracle and other US investors taking minority stakes, Bloomberg said.
"Oracle will get full access to review TikTok's source code and updates to make sure there are no back doors used by the company's Chinese parent to gather data or to spy on the video-sharing app's 100 million American users," Bloomberg reported, citing information from unnamed sources.
TikTok’s Owner Is Getting Surer Beijing Will Okay U.S. Deal
TikTok-owner ByteDance Ltd. is getting more confident its envisioned alliance with Oracle Corp. will pass muster with China’s regulators, a critical step in the political clash over the popular video app, people familiar with the matter said. © Bloomberg The download page for ByteDance Ltd.'s TikTok app is arranged for a photograph on a smartphone in Sydney, New South Wales, Australia, on Monday, Sept. 14, 2020. Oracle Corp. is the winning bidder for a deal with TikTok’s U.S. operations, people familiar with the talks said, after main rival Microsoft Corp. announced its offer for the video app was rejected.
On Friday, Trump told Oracle Chairman Larry Ellison that he still expects the US government to get a cash payment as part of the sale, Bloomberg reported, adding that it's unclear how that would come about.
Trump said the new company, TikTok Global, will probably be based in Texas and hire as many as 25,000 people, Bloomberg reported.
Requests for comment didn't immediately receive responses from the White House, ByteDance, TikTok or Oracle.
TikTok-Oracle deal and a potential US ban: Everything you need to know .
TikTok gets a momentary win as a judge grants a preliminary injunction against the ban.On Sunday evening, a US district court judge ruled in TikTok's favor. Lawyers for TikTok had argued earlier in the day that removing the app would infringe on the rights of US citizens to broadcast their views.