Wednesday, 28 Oct, 2020

Tech

Trump gives nod to Oracle buyout of TikTok in US

Technology Desk | banglanews24.com
Update: 2020-08-19 12:36:19
Trump gives nod to Oracle buyout of TikTok in US US President Donald Trump (Photo collected)

US President Donald Trump has said tech giant Oracle would be "a great company" to take over TikTok's US operations.

It comes after Oracle was reported as a possible buyer of the Chinese social media app's business in North America, Australia and New Zealand.

Last week Mr Trump ordered TikTok's owner ByteDance to sell its US business within 90 days or face being shut down

Oracle's chairman Larry Ellison is a supporter of Mr Trump and held a fundraising event for him in February.

Mr Trump's comments - during a speech in Yuma, Arizona - came after reports that Oracle was working on an offer for some TikTok assets with a group of ByteDance's investors.

According to those reports, Oracle was seriously considering buying TikTok's businesses in the US, Canada, Australia and New Zealand with investment firms, including General Atlantic and Sequoia Capital.

In February, Oracle co-founder Larry Ellision held a high-profile fundraiser for Mr Trump at his private golf course and estate in California.

Earlier this month Mr Trump said the government should get a "substantial portion" of the sale price of TikTok's US unit if an American firm buys it.

Source: BBC

BDST: 1236 HRS, AUG 19, 2020
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