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

A smartphone against a colorful, out-of-focus background.

Enlarge / The TikTok emblem displayed on a smartphone, with emblem of mum or dad firm ByteDance within the background. (credit score: Sheldon Coope | SOPA Pictures | LightRocket | Getty Pictures)

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 means, as Oracle confirmed it struck a cope with ByteDance over TikTok. That transaction, nonetheless, doesn’t essentially assuage the White Home’s acknowledged considerations with the favored video app—and the deal has an extended strategy to go, in a brief time frame, earlier than it is achieved.

The precise phrases of the settlement have nonetheless not been made public. The association is not 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 sort of direct acquisition.

Oracle has mentioned little or no concerning the transaction, which first leaked late on Sunday. Monday morning, the corporate confirmed it submitted a proposal to turn into ByteDance’s “trusted know-how supplier” to the Treasury Division for assessment over the weekend of September 12-13. Tuesday morning, it repeated the assertion as a part of a submitting with the US Securities and Trade Fee.

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