Oracle joins US bidders for TikTok assets

Oracle Said to Be Picked as Winner for TikTok’s U.S. Assets

Oracle joins US bidders for TikTok assets

Oracle Corp has joined several investors in Chinese TikTok owner ByteDance to contribute to this popular short video app in North America, Australia and New Zealand.

Oracle joins US bidders for TikTok assets

This will be a strategic step for Oracle, which is primarily developing in the enterprise market and generates the bulk of its sales through cloud services and software licensing..

Its co-founder and chairman Larry Ellison – one of the few top technology executives who openly supported the president Donald Trump, who instructed ByteDance to sell TikTok amid concerns over the privacy of U.S. consumers.

Oracle is working with several ByteDance investors, including General Atlantic and Sequoia Capital, to submit its TikTok buyout bid, which will challenge a competing bid from Microsoft Corp. Sources told Reuters on condition of anonymity..

ByteDance, TikTok, Oracle, General Atlantic and Sequoia declined to comment. Oracle’s interest in TikTok was first reported by the Financial Times.

Oracle Said to Be Weighing Bid for TikTok’s U.S. Business

Oracle shares on the news on Tuesday closed up 2.2%, bringing the company’s market capitalization to $ 169 billion.

Twitter Inc has also reached out to ByteDance to express interest in acquiring TikTok’s U.S. assets, though its chances are unlikely due to the company’s smaller size and close antitrust oversight over such a combination..

Trump said he would support Microsoft’s attempt to buy the American portion of TikTok’s business if the US government gets «significant part» from the proceeds. He also said that there are other interested potential buyers. US President Gives ByteDance 45 Days To Agree To Sell TikTok Before Transactions With TikTok Or ByteDance Are Banned.

«I think Oracle is a great company», – said US President Donald Trump during a visit to Yuma, Arizona, adding that the company could get a stake in TikTok’s US business.

The White House has stepped up its efforts to remove what it believes «unreliable» Chinese applications from US digital networks. In addition to TikTok, Trump also issued an order prohibiting WeChat transactions developed by Tencent Holdings Ltd..