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Oracle and US Investors (Including Microsoft) Discuss Taking Control of TikTok in the US

A plan to keep TikTok available in the U.S. "involves tapping software company Oracle and a group of outside investors," reports NPR, "to effectively take control of the app's global operations, according to two people with direct knowledge of the talks..." "[P]otential investors who are engaged ...

"ByteDance wouldn't completely go away, but it would minimize Chinese ownership...." Officials from Oracle and the White House held a meeting on Friday about a potential deal, and another meeting has been scheduled for next week, according to the source involved in the discussions, who said Oracle is interested in a TikTok stake "in the tens of billions," but the rest of the deal is in flux... Under a law passed by Congress and upheld by the Supreme Court, TikTok must execute what is known as "qualified divestiture" from ByteDance in order to stay in business in the U.S... A congressional staffer involved in talks about TikTok's future, who was not authorized to speak publicly, said binding legal agreements from the White House ensuring ByteDance cannot covertly manipulate the app will prove critical in winning lawmakers' approval. The statement, at first, does not seem to say much, but negotiators in the White House believe it indicates that Beijing is not planning to block a deal that gives American investors a majority-stake position in the company.

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