Oracle just reportedly entered the race to buy TikTok's US operations, competing with rival Microsoft for the viral app as Trump's deadline looms
- Oracle is in preliminary talks with TikTok parent ByteDance to buy the app's operations in the US, Canada, Australia, and New Zealand, the Financial Times reported Monday.
- Oracle has been working with US investors, including General Atlantic and Sequoia Capital, who own a stake in TikTok already, according to the Financial Times.
- Founder Larry Ellison is among Trump's few public backers in Silicon Valley and CEO Safra Catz served on his presidential transition team.
- Trump has tried to force a sale of the app to an American company through multiple executive orders, and so far Microsoft has been the leading contender.
- Visit Business Insider's homepage for more stories.
Enterprise software giant Oracle has entered the race to acquire some of TikTok's operations from its Chinese parent company ByteDance, the Financial Times reported Monday.
Oracle has been involved in preliminary discussions with several current US-based TikTok investors, including General Atlantic and Sequoia Capital, to purchase the app's US, Canada, Australia, and New Zealand operations, according to the report.
Oracle and TikTok both declined to comment and ByteDance could not immediately be reached.
President Donald Trump has sought to force the sale of TikTok to an American company, citing national security concerns. Trump has claimed that the Chinese government could pressure ByteDance to use the app to spy on Americans or censor political content it finds offensive.
Trump has issued two executive orders in recent weeks, one that could ban US companies from doing business with TikTok and another that seeks to unwind ByteDance's 2017 acquisition of Musical.ly, the precursor to TikTok.
Microsoft has been the leading contender in acquisition talks so far, having held discussions to buy TikTok's operations in those same countries, but interest from Oracle would give TikTok an alternative and potentially some leverage in negotiating a deal.
Oracle's executives also have close ties to Trump. Founder Larry Ellison is one of the few tech executives who have openly backed Trump, and hosted a fundraiser for the president at his home in Southern California in February. CEO Safra Catz also served on Trump's transition team.
Receive a daily update on your cellphone with all our latest news: click here.
Get the best of our site emailed to you daily: click here.
Also from Business Insider South Africa:
- Covid-19 hotspots have been scrapped – just as KZN outpaces the Western Cape – ‘for now’
- All the new rules for Level 2, including how many people can come over for a braai
- It’s official: bars can open, but nightclubs – and only nightclubs – still closed
- South Africans invested a record R88bn in unit trusts during lockdown – here’s what they bought
- Airbnb is finally unbanned in South Africa - and super-clean local listings will now be highlighted
- These 25 Woolworths stores won't have plastic bags anymore