Oracle joins Microsoft in race to buy TikTok before US ban
TikTok, a popular video-sharing app owned by Chinese company ByteDance, has found itself at the centre of a political storm.
Back in early August, Microsoft it was in discussions to acquire the app from ByteDance, setting a deadline for completion by 15 September. The proposal would see Microsoft also take on TikTok in Canada, Australia and New Zealand, and the repatriation of all data on US users to the United States.
The attraction is due to the app’s in the United States. TikTok is the social media app worldwide, overtaking the likes of Twitter, LinkedIn and Reddit thanks to its 800 million users. Thanks to its success, its owner ByteDance is the world’s technology startup, at $140bn.
Now, , Oracle is considering its own proposal. While at first glance the move from the business-oriented database giant may seem unusual, the firm’s chances are potentially bolstered by its co-founder Larry Ellison’s support for Donald Trump. TikTok’s US business is valued at between $20bn and $50bn, making Oracle one of the few companies with the clout to succeed in the purchase, with Twitter also being in potential contention.
The move takes place in a climate of US hostility to Chinese technology companies, who are increasingly seen as a cybersecurity threat owing to their closeness with China’s ruling party. The US is currently stepping up sanctions on technology giant Huawei, of chips involving US technology to the Chinese firm.
18 August - Oracle enters talks