US President Donald Trump is actively engaged in negotiations with multiple parties regarding the acquisition of TikTok. He anticipates reaching a decision within the next 30 days. The White House is reportedly working on a plan to save TikTok that involves Oracle and external investors taking control of the app's operations. ByteDance, TikTok's parent company, would retain a stake in the company, while Oracle would oversee data collection and software updates.
US President Donald Trump revealed on Saturday that he is engaged in discussions with multiple parties regarding the acquisition of TikTok and anticipates making a decision about the popular app's future within the next 30 days. 'I have spoken to many people about TikTok, and there is great interest in TikTok,' Trump stated to reporters aboard Air Force One during a flight to Florida.
Earlier in the day, Reuters reported that sources familiar with the negotiations indicated that Trump's administration is actively working on a plan to salvage TikTok. This plan reportedly involves partnering with software company Oracle and a consortium of external investors to effectively assume control of the app's operations.Under the terms of the proposed deal, which is currently under negotiation by the White House, ByteDance, TikTok's China-based parent company, would retain a shareholding in the company. However, Oracle, which already provides the foundation for TikTok's web infrastructure, would oversee data collection and software updates. Despite this, Trump emphasized during his remarks to reporters that he had not personally conversed with Oracle's Larry Ellison regarding the purchase of the app. When questioned about the possibility of a deal involving Oracle and other investors to rescue TikTok, Trump replied: 'No, not with Oracle. Numerous people are talking to me, very substantial people, about buying it and I will make that decision probably over the next 30 days. Congress has given 90 days. If we can save TikTok, I think it would be a good thing.'Sources familiar with the discussions acknowledged that the terms of any potential agreement with Oracle are still evolving and subject to change. One source indicated that the full scope of the negotiations is yet to be determined and could encompass TikTok's operations across various regions, including the US. National Public Radio reported on Saturday that the deal talks for TikTok's global operations are underway, citing two individuals with firsthand knowledge of the negotiations. Oracle declined to provide an immediate comment. The contemplated deal anticipates the involvement of ByteDance's existing US investors, according to sources. This group includes prominent names such as Jeff Yass' Susquehanna International Group, General Atlantic, Kohlberg Kravis Roberts (KKR), and Sequoia Capital. Representatives for TikTok, ByteDance investors General Atlantic, KKR, Sequoia, and Susquehanna were unavailable for immediate comment. The sources further revealed that other contenders vying to acquire TikTok, including the investor group led by billionaire Frank McCourt and another featuring Jimmy Donaldson, better known as the YouTube star Mr. Beast, are not part of the Oracle negotiations
Tiktok Donald Trump Oracle Bytedance US Government National Security Social Media
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oracle and Investors in Talks to Take Control of TikTokThe Trump administration is negotiating a deal where Oracle and a group of investors would take control of TikTok's operations. ByteDance, TikTok's Chinese owner, would retain a stake but data collection and software updates would be overseen by Oracle. The deal aims to address national security concerns about the app.
Read more »
Trump Administration Nears Deal to Save TikTok with Oracle and InvestorsThe Trump administration is close to finalizing a deal that would save TikTok from being banned in the US. Under the proposed agreement, Oracle and a group of outside investors would take control of TikTok's global operations, while its China-based owner, ByteDance, would retain a minority stake. Oracle would oversee the app's algorithm, data collection, and software updates. American investors would own a majority stake, but the terms are still being negotiated.
Read more »
For TikTok users, mourning, frustration and clinging to hope as TikTok ban loomsNEW YORK — The US is inching closer and closer to a potential TikTok ban — with the nation's highest court upholding a law that's set to halt new downloads of the app starting Sunday. But many questions around what exactly this ban will look like, and whether it will actually be enforced, remain.
Read more »
Trump Asks Supreme Court to Pause TikTok BanFormer US President Donald Trump has filed a brief urging the Supreme Court to delay the implementation of a law banning TikTok in the US. Trump's legal team argues that the court should grant more time to explore political solutions regarding the app's ownership by Chinese company ByteDance.
Read more »
Trump Asks Supreme Court to Delay TikTok BanPresident-elect Trump requests a pause on the implementation of a law that mandates TikTok's sale or ban, aiming to explore a political resolution after his inauguration.
Read more »
Trump asks US Supreme Court to pause law threatening TikTok banWashington, United States — US President-elect Donald Trump filed a brief Friday urging the Supreme Court to pause a law that would ban TikTok the day
Read more »