U.S. software giant Oracle has become the latest company to enter the mix to acquire social media platform TikTok from Chinese outfit ByteDance, according to multiple reports. CNBC is saying that O…
CNBC is saying that Oracle and Microsoft are “far ahead” of other companies reportedly in the race for the popular but controversial service, which has been under a cloud in the U.S. in particular with Donald Trump having signed an updated executive orderforcing ByteDance to sell the platform within 90 days. ByteDance has said the order was issued “without any due process” and that it would “pursue all remedies” to stop itself from being shutdown.
Former Disney exec Kevin Mayer is CEO of TikTok. Even though the service is owned by Beijing-based ByteDance, it is not available in the Middle Kingdom. Fears persist in the West, however, that the platform can be used by the Chinese government to mine users’ data. The company insists its data is stored outside of the country, but it has ties with Chinese authorities. The platform has also been banned in India since June after tensions between the country and China.
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