US software giant Oracle is in talks to acquire the US wing of Chinese-owned social media giant TikTok, according to reports in the press.
An article in the Financial Times claims that Oracle has held preliminary talks with TikTok’s parent company, ByteDance, over the potential acquisition.
US President Donald Trump has recently passed an order saying that TikTok would be banned from operating in the US unless the company’s American wing was sold to a US firm. TikTok has alos been banned in India, which recently announced that it was taking the unprecedented step of banning 59 social media apps owned by Chinese parent companies on the grounds of what it called “concerns over national security”.
Until now, US based software firm Microsoft had been the most likely suitor for TikTok and discussions between Microsoft and ByteDance remain ongoing. Microsoft has said that it hopes to conclude discussions over a potential deal by the 15th of September.
“Following a conversation between Microsoft CEO Satya Nadella and President Donald J. Trump, Microsoft is prepared to continue discussions to explore a purchase of TikTok in the United States.
“Microsoft fully appreciates the importance of addressing the President’s concerns. It is committed to acquiring TikTok subject to a complete security review and providing proper economic benefits to the United States, including the United States Treasury,” Microsoft said in an online blog post.