Trump Administration Expected To Approve Oracle Bid To Buy TikTok Operations In The US
It appears the Trump administration is expected to approve the deal between Chinese-based app ByteDance and US-based software company Oracle, after the latter won the bid to buy TikTok operations in the US — beating Microsoft and Walmart.
Although final approval from Donald Trump and his office has yet to be finalized, sources familiar tell CNBC’s Jim Cramer and Eamon Javers that the deal looks to be green-lit by Trump’s team. Additionally, Trump’s son-in-law and White House adviser Jared Kushner voiced strong support for the deal, even though their proposal falls short of Trump’s demands to protect national security.
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He says, “Hopefully the application qualifies on the merits for what we’re trying to accomplish from a national security point of view. America’s interest in that is really national security — we want to make sure that people’s data is protected.” Furthermore, if the deal is finalized, it would create “TikTok Global,” whose headquarters would be based in the US, creating 20,000 jobs. Trump has until September 20 to make a decision.
For more details on the Oracle deal, click here.
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