TikTok and Oracle are finishing up a deal that will give the operation rights of the short video social media to the American company and prevent ByteDance from accessing US user data. The agreement called "Project Texas" is the codename of its somewhat acquisition of the company, having operation controls to Canada, the UK, Australia, and New Zealand.
TikTok Oracle to Close the Deal on Operations Rights for Social Media?
Reuters reported that TikTok and Oracle's deal is nearing its closing, with the operations rights of the Chinese social networking platform divesting its rights to the American corporation. After this deal closes, Oracle will fulfill TikTok's operations in the United States, United Kingdom, Canada, Australia, and New Zealand, as part of President Trump's deal.
Despite a change of leadership in the US, the dispute did not go to the garbage but continued up to this time. It may have given TikTok some leeway for it to work on its deal with Oracle, and it gave them time to secure its assets and many other factors that affect the agreement. According to Buzzfeed News, Project Oracle is the codename of this agreement.
ByteDance to No Longer Access US Data After Deal
The operation rights in the country focused on an allegation against ByteDance by former POTUS Trump, especially as he allegedly claimed the company used American data and gave it to the Chinese government. TikTok denied this, but the deal to continue its operations in the country is to sell to a local company and manage it here.
After the acquisition, there may be a massive chance that ByteDance will no longer access user data in the nations mentioned above.
TikTok and its American Acquisition
TikTok was first gatekeeped by the United States government to operate in the country. It was during the reign of former President of the United States Donald Trump, who focused on having it work under an American company. One of its many interested buyers is Microsoft, the technology company that initially offered its Chinese social media claims.
ByteDance was initially pushed to look for their preferred partner company that had a deadline, focusing on having these interested American companies purchase them for the US operation rights. The deadline neared, and ByteDance found its preferred partnership with Oracle, led by Larry Ellison, focusing on its operations in the western countries and the Oceania region.
Now, the social media company is two years into the deal, and reports now say that ByteDance is nearing its American Acquisition for TikTok to seal its presence in the country. Oracle will fulfill its operations in the many countries included in the deal, with ByteDance no longer having access to US user data, among other nations.
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Written by Isaiah Richard
