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What is Oracle going to do with TikTok?

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What is Oracle going to do with TikTok?

Oracle announced in September that it was planning to take over as TikTok’s “trusted tech partner” for the United States as part of a broader arrangement by the Trump White House.

What is the relationship between TikTok and Oracle?

A source told the South China Morning Post that ByteDance is walking away from its US TikTok deal with Oracle. Trump repeatedly demanded that the Chinese company sell its US holdings over security concerns. Last week, the Biden administration put the brakes on efforts to ban TikTok in the US.

How was the deal between TikTok and Oracle structure?

Oracle and Walmart would get a combined 20\% stake in a new company called TikTok Global, which would later go public. Four of the five members on TikTok Global’s board of directors would be American. Entertain your brain with the coolest news from streaming to superheroes, memes to video games.

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Is Oracle getting TikTok?

TikTok Sale to Oracle, Walmart Is Shelved as Biden Reviews Security.

Is TikTok safe Oracle?

Oracle said Saturday that it had been chosen as TikTok’s “secure cloud technology provider.” Oracle CEO Safra Catz said in the statement that the deal would “ensure data privacy to TikTok’s American users.”

What does the Oracle do?

Oracle is a computer technology corporation best known for its software products and services like Java. Through the company’s four main business segments—cloud and license, hardware, and services—Oracle sells its cloud-engineering services and systems and database management systems.

How much did Walmart and Oracle pay for TikTok?

The Oracle-Walmart deal News reports suggest Walmart and Oracle may pay a combined US$12 billion for their stake in TikTok Global.

What happened to Oracle TikTok deal?

TikTok ultimately struck a partnership deal with Oracle and Walmart that would include the U.S. businesses buying a stake in the app and providing secure technology. Under the terms of the deal, ByteDance would still own 80\% of the business, a person familiar with the matter told CNBC last year.

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What is oracle deal?

The company sells database software and technology, cloud engineered systems, and enterprise software products—particularly its own brands of database management systems. In 2020, Oracle was the second-largest software company in the world by revenue and market capitalization.