October 23, 2020

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Washington confirms Oracle’s offer for TikTok

Washington confirms Oracle's offer for TikTok

The US government confirmed on Monday that it had received a proposal from technology company Oracle to take over the US activities of the video app TikTok. The day before, the Chinese parent company ByteDance had rejected Microsoft’s proposal.

“At the weekend we received a proposal that includes Oracle as a trusted technology partner with several recommendations on national security,” US Treasury Secretary Steven Mnuchin told CNBC. “We’re going to look into this in committee (on US Foreign Investment, ed.) This week and then make a recommendation to the president.” Part of the committee’s investigation are national security concerns.

American media reported on Sunday that Oracle would become TikTok’s “trusted technology partner,” which would not be just an ordinary sale.

Bytedance has been negotiating with various parties to get rid of TikTok since US President Donald Trump threatened last month to ban the video app if it weren’t sold. The Chinese company needs US and Chinese government approval for the deal.

On Sunday, Microsoft said the other candidate to take over TikTok’s US operations, ByteDance, had rejected the tech giant’s offer. The video app has become a major point in the growing tensions between the US and China.