ByteDance, the Chinese owner of TikTok, has chosen Oracle to be the app’s partner for its U.S. operations and has rejected an acquisition offer from Microsoft, The New York Times said in a report on Tuesday.
A U.S. committee will review the proposal for the potential tie-up and make a recommendation about it to President Trump this week, Treasury Secretary Steven Mnuchin said on Monday. The companies have until Sept. 20 to reach an agreement that satisfies the Trump administration’s concerns that TikTok poses a national security threat. The arrangement would most likely give Oracle oversight over data on American users.
What’s at stake: For ByteDance’s founder, Zhang Yiming, the deal could determine whether his eight-year-old company becomes a global digital colossus or is reduced to a mere power player in China, where the internet market is maturing and competition is becoming more intense. Any resulting deal could still be a geopolitical piñata between the U.S. and China. You can read more about TikTok in our DealBook newsletter.
TikTokers have their say: In this Op-Ed video, a group of highly influential TikTokers from across the U.S., with followers in the millions, argue that you should care about what happens to the app, even if you don’t use it.
Source: The New York Times