{"id":68765,"date":"2020-09-15T01:54:38","date_gmt":"2020-09-14T22:54:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tiktok-oracle-face-hurdles-to-complete-deal\/"},"modified":"2020-09-15T01:54:38","modified_gmt":"2020-09-14T22:54:38","slug":"tiktok-oracle-face-hurdles-to-complete-deal","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tiktok-oracle-face-hurdles-to-complete-deal\/","title":{"rendered":"#TikTok, Oracle face hurdles to complete deal"},"content":{"rendered":"

“#TikTok, Oracle face hurdles to complete deal<\/strong>”
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\n TikTok has found a dance partner to keep it going in the US \u2014 but it has to convince the feds not to let the deal flop.<\/p>\n

American software firm Oracle said it would become the \u201ctrusted technology<\/a> provider\u201d for ByteDance \u2014 the Chinese tech giant behind the popular app<\/a> known for its viral dance videos \u2014 in a deal meant to assuage the Trump administration\u2019s fears that Beijing could get ahold of its user data.<\/p>\n

Neither TikTok nor Oracle disclosed substantive details of the deal announced Monday, but it will reportedly stop short of the full sale President Trump ordered last month.<\/p>\n

Oracle is expected to manage TikTok\u2019s American user data and take a stake in its US operations without becoming the outright owner, according to news<\/a> reports.The deal also calls for the creation of a new US-based company called \u201cTikTok Global\u201d with 20,000 new jobs, Treasury Secretary Steven Mnuchin said, adding that the feds will review the proposal this week.<\/p>\n

\u201cThey\u2019ve chosen Oracle, we\u2019ll be reviewing it with their technical teams and our technical teams to see if they can make the representations that we need,\u201d Mnuchin told CNBC on Monday, a day after Microsoft revealed ByteDance had rejected its bid for TikTok.<\/p>\n

Mnuchin said the feds have \u201ca lot of confidence\u201d in Oracle and that the company had made \u201cmany representations\u201d that it would address the national security issues at play. Those include concerns that Americans\u2019 user data could be shared with the Chinese government, allegations TikTok has denied<\/p>\n

Trump himself expressed support for Oracle\u2019s bid last month, calling it a \u201cgreat company\u201d that \u201ccould handle it.\u201d Oracle co-founder and chairman Larry Ellison hosted a Trump campaign fundraiser at his California estate in February, and CEO Safra Catz reportedly worked on the president\u2019s White House transition team.<\/p>\n

\u201cThis proposal would enable us to continue supporting our community of 100 million people in the US who love TikTok for connection and entertainment, as well as the hundreds of thousands of small business owners and creators who rely upon TikTok to grow their livelihoods and build meaningful careers,\u201d TikTok said in a statement.<\/p>\n

Monday\u2019s announcement was the latest chapter in a geopolitical drama that started in August, when Trump issued an order that would have effectively banned TikTok out of US app stores on Sept. 20.<\/p>\n

Trump followed that up with another order giving ByteDance until Nov. 12 to divest TikTok\u2019s US operations under the supervision of the Committee on Foreign Investment in the United States, a panel that reviews foreign business deals in the US. Mnuchin said the committee, known as CFIUS, will now review the proposed Oracle deal and make a recommendation to Trump.<\/p>\n

The panel has plenty of latitude to approve the proposal even though it appears inconsistent with Trump\u2019s unambiguous order, according to Shannon Reaves, special counsel in the national security practice at the Stroock law firm.<\/p>\n

\u201cThere\u2019s a lot of room there for CFIUS discretion to review what has been proposed and to determine whether or not it meets the requirement and purposes of the order,\u201d Reaves \u2014 who specializes in CFIUS cases but is not involved with the TikTok matter \u2014 told The Post.<\/p>\n

However, he added, \u201cCFIUS would have to have full confidence that the data it\u2019s concerned about would not make its way back to ByteDance.\u201d<\/p>\n

While Oracle beat out deep-pocketed tech giant Microsoft, it will likely cross the finish line without the app\u2019s secret sauce: the algorithm that keeps users hooked by feeding them videos based on their preferences.<\/p>\n

The Chinese government imposed new restrictions on technology exports last month that likely would have required ByteDance to get a license to hand the algorithm to an American company. Those rules made a full acquisition of TikTok less attractive for its American suitors, meaning the feds are likely to approve the Oracle deal that\u2019s before them, according to Wedbush Securities analyst Daniel Ives.<\/p>\n

\u201cBuying TikTok without the algorithm is like having pizza without cheese,\u201d Ives told The Post. \u201cI think once Beijing essentially put the poison pill in the deal, the White House recognized a sale was not going to happen, because Microsoft\u2019s not going to acquire it, or Oracle, without the algorithm.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#TikTok, Oracle face hurdles to complete deal” TikTok has found a dance partner to keep it going in the US \u2014 but it has to convince the feds not to let the deal flop. American software firm Oracle said it would become the \u201ctrusted technology provider\u201d for ByteDance \u2014 the Chinese tech giant behind the…<\/p>\n","protected":false},"author":1,"featured_media":68766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/09\/tiktok-oracle-trump.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[70367,4973,4941,70636,47912],"class_list":["post-68765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-9-14-20","tag-china","tag-donald-trump","tag-oracle","tag-tiktok"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/68765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=68765"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/68765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/68766"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=68765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=68765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=68765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}