The administration of Donald Trump is working on a plan to save Tiktok by Oracle and a group of external investors including Microsoft to take control of the short video app, according to an NPR report that quotes sources. The Chinese owner of Tiktok Bytedance would retain a minority interest in the company, but the reported deal could see the algorithm, data collection and software updates of the app that are controlled by Oracle.
It is said that a meeting between civil servants from the White House and Oracle leaders took place on Friday to discuss the potential deal, planned for next week with another meeting planned. According to the agreement, the American investors of Tiktok could have a majority stake in the app. However, the report adds that the conditions of the deal are still being worked out and can be changed at this stage.
“The goal is that Oracle effective supervision and supervision of what is going on with Tiktok, … Bytedance would not completely disappear, but it would minimize Chinese ownership.” A source quoted by NPR said.
What price will tickk sell?
Negotiators of the White House reportedly said that bytedance is of the opinion that it could get at least $ 200 billion for Tiktok, which could make the app out of reach of one of the investors consortia who has promoted their bids.
In particular, Tiktok was briefly brought in the US for about 14 hours to meet an American federal law that requires its Chinese parent company to make a “qualified disinvestment” of the company to continue to operate on the app. After Trump was sworn on January 20, he gave Tiktok for 75 days to meet the federal law.
“My first thought is a joint venture between the current owners and/or new owners where the US gets a 50% owned in a joint venture set up between the US and whatever purchase we choose,” Trump had on his website for Social media written Truth Social prior to signing the executive order.