TikTok and Oracle deal halted indefinitely
About 5 months after ByteDance, the owner of the TikTok application, reached an agreement with the White House to sell its stake in the United States to American companies to avoid the ban, and to take the Chinese application from Oracle as its main partner in the United States to store user data there with the approval of the US government in a deal that included establishing TikTok Global, The deal appears to have stalled and is in stagnation according to The Wall Street Journal.
The reliable American newspaper, through its sources, indicates that the TikTok deal, which included Oracle, has been stopped indefinitely at the present time.
Perhaps the approach of the new US President Biden towards Chinese companies has a role in this, especially since the previous agreement procedures were going normally.
The Oracle deal with TikTok has faced many criticisms within the United States and opponents of former President Donald Trump, for comparing them to Oracle’s role as a store of user data in the United States without affecting a change in the mechanism of work of the Chinese application, while this was the only solution for ByteDance to avoid TikTok has been discontinued in the United States, which is one of the largest and most influential app markets.
With the sudden change in the position of the deal, it is likely that the Chinese company will continue to operate in its previous way without any changes in its policy.
But in the event that the new US government returns to consider the deal, we may find it returned to the forefront or even imposed additional changes on it.
- Source: The Wall Street Journal
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