Reports have it that American business magnate, Larry Joseph Ellison’s Oracle, has entered the race to acquire TikTok.
The video-sharing social media platform, owned by Chinese company ByteDance, is under fire from American President Donald Trump. The American president mandates that it is to sell off its American arm of the company. This development has led to interests from tech giants, Microsoft and Twitter.
Financial Times reports that the tech company, Oracle, has had a sitting with TikTok’s owner, ByteDance. The report also claims that it is ‘seriously’ considering buying its operations in Canada, New Zealand, Australia, and the United States.
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American multinational computer technology, Oracle had requested the assistance of US investors with stakes in ByteDance. They also included the help of General Atlantic (American growth equity firm) and Sequoia Capital (American venture capital firm) with stakes in ByteDance.
Before now, Microsoft had taken the lead to buy over TikTok’s global operations. The technology giant was particularly interested in buying TikTok’s operations in Europe and India. However, the company is only open to selling off its operations in the US, Canada, Australia, and New Zealand. Larry Ellison’s Oracle in the mix provides the Chinese company with options as opposed to just Microsoft’s offer.
As mentioned, US social media company, Twitter, is also interested in buying TikTok. The viral video-sharing app has since crossed the 2 billion downloads mark. American president Donald J Trump, backed by the Committee on Foreign Investment in the United States, has ordered ByteDance to sell its TikTok’s US operations within 90 days.
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