TikTok: ByteDance Rejects Oracle (ORCL)
ByteDance denied recent rumors that it plans to sell the U.S. division of TikTok to a group led by Oracle Corporation
Quick overview
- ByteDance has denied rumors of selling TikTok's U.S. division to Oracle Corporation.
- Previous reports suggested Oracle was in a strong position to acquire a majority stake in TikTok's U.S. operations.
- ByteDance faces a September 17 deadline to finalize any sale, requiring approval from both Beijing and Washington.
- U.S. President Trump has postponed the TikTok ban, allowing time for a potential agreement.
ByteDance denied recent rumors that it plans to sell the U.S. division of TikTok to a group led by Oracle Corporation (ORCL). Earlier reports suggested that a consortium headed by Oracle was in a prime position to acquire the majority stake in TikTok’s U.S. operations, a deal essential for the app to continue functioning in the world’s largest economy.
ByteDance has a deadline of September 17 to finalize the sale, which requires approval from both Beijing and Washington.
U.S. President Donald Trump issued several executive orders to postpone the implementation of a TikTok ban in the United States, which was initially set to take effect in January. Congress authorized the ban due to concerns about data privacy and cybersecurity related to the app owned by a Chinese company.
TikTok must secure a buyer in the U.S. or risk shutting down its operations. However, Trump has indicated that the ban will remain on hold indefinitely until an agreement is reached. It is expected that ByteDance will continue to hold a minority stake in TikTok.
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