Some current S.BA-based investors in Chinese Tiktok’s BYTATANCE are reportedly seeking to join Larry Ellison’s Oracle in a possible agreement for video sharing app to calm national security concerns-and avoid close ban.
General Atlantic, Susquehanna, KKR and Coatue can “earn additional actions” in a round version of the American business of Tiktok, the Financial Times reported on Friday, citing numerous sources known with negotiations.
Firms would try to buy Chinese investors as part of an agreement, sources said.
Oracle, who already serves as a leading partner of the TIKK Cloud calculation, would also take ownership action in the American Entity and help secure data of more than 170 million US users are secure as part of President Trump’s agreement.
China -based bydance would seek to take a ownership action in a reformed American entity Tiktok, a source of The Outlet told.
This may be a contagious point for the Congress, which adopted a law required bydance to divert in order to ensure that the Chinese Communist Party could not use the app for its own purposes.
Representatives for the White House, Tiktok, Atlantic General, Susquehanna and Coatue did not immediately return the request for commentary on the report. KKR refused to comment.
President Trump has until April 5 to find a Tiktok buyer after he issued an executive order after returning to the White House delaying the implementation of the Congress detention for 75 days.
The detention of the Congress for a while came into force after Bytedance failed to meet the January 19 deadline.
The Congress and the Department of Justice have said that Tiktok, led by CEO Shou Chew, is actually a tool for the Chinese Communist Party, capable of spying on US users and in detail public opinion through algorithm of its recommendation. The company has denied the charges.
Trump has pledged to “save” the app and said he wants SH.BA to take a piece of 50% ownership in the app. In addition to Trump, any agreement would have to be approved by China, who said it would not sell the algorithm of the application recommendation.
Oracle is reported to have been set to play a key role in every Tiktok sale.
The company previously collaborated with Bytedance at Project Texas – a failed attempt to convince the Congress that the app was safe because US users’ data had been stored on Oracle US servers.
Under the possible agreement along with the leading US investors, Oracle would pledge once again to ensure that the app is safe – but allow bydance to continue to oversee its algorithm, said FT.
Trump has tapped Vice President JD Vance about spearhead agreements talks and recently said his administration was talking to “four different groups” that were interested in Tiktok.
The president has also said he wants Ellison and Oracle to be involved in an agreement.
In January, Bill Ford, General Director of General Atlantic and a Board Director of Bytedance, hinted that there were “short” opportunities that could satisfy US authorities.
However, the Trump administration may face an uphill battle to persuade Congress to accept an agreement if bydance remains involved in TIKTOK operations.
As the “money” of the post earlier this week reported, Senator Tom Cotton, who runs the Intel Committee of the Senate, is a major obstacle.
Cotton has told Trump officials that he will not sign for any agreement that does not comply with the law, which requires the full relocation of Chinese control and TIKTOK ownership.
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