Oracle confirmed this Monday what was already an open secret. ByteDance, the Chinese owner of the video app TikTok, the has chosen to be TikTok's technology partner in the US. Oracle It will also have a significant stake in the business, according to CNBC, citing a person familiar with the negotiations. Microsoft said this Sunday that ByteDance had decided not to sell them the assets of TikTok in the United States.
After confirming the rumors, Oracle's shares have shot up 4.32% in this Monday's session, being suspended at some point.
The White House has imposed a deadline on September 20 for ByteDance to announce a plan to sell TikTok in the US or it will be banned on September 29. The deal will have to be ready by November 12 and needs government approval.
"ByteDance He let us know today that he would not sell TikTok's operations in the US to Microsoft, "Microsoft said Sunday." We are confident that our proposal would have been good for TikTok users, while protecting national security interests.
For it, we would have made significant changes to ensure that the service met the highest standards of security, privacy, online safety and the fight against misinformation, and we made these principles clear in our August statement. We look forward to seeing service evolve in these important areas. "