Oracle’s TikTok non-acquisition seeks Treasury, White Home approval

Enlarge / The TikTok emblem displayed on a smartphone, with emblem of father or mother firm ByteDance within the background. (credit score: Sheldon Coope | SOPA Photos | LightRocket | Getty Photos)
President Donald Trump spent a number of months pushing to have TikTok banned or bought to a US agency. He appears to have gotten his manner, as Oracle confirmed it struck a cope with ByteDance over TikTok. That transaction, nevertheless, doesn’t essentially assuage the White Home’s acknowledged considerations with the favored video app—and the deal has a protracted solution to go, in a brief time period, earlier than it is accomplished.
The precise phrases of the settlement have nonetheless not been made public. The association just isn’t the total sale that Trump was pushing for as just lately as final Friday. China’s export ban on machine studying and synthetic intelligence algorithms prevented that form of direct acquisition.
Oracle has mentioned little or no in regards to the transaction, which first leaked late on Sunday. Monday morning, the corporate confirmed it submitted a proposal to develop into ByteDance’s “trusted know-how supplier” to the Treasury Division for evaluation over the weekend of September 12-13. Tuesday morning, it repeated the assertion as a part of a submitting with the US Securities and Change Fee. Learn 10 remaining paragraphs | Feedback

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