In a sudden twist in the US-TikTok saga, Oracle, the American software company has reportedly won a deal to manage TikTok’s US cloud operations.
In what can be called as the Trump-forced bid the popular video-sharing app is now picked by Oracle with pressure mounting on the former to sell or shut down its US operations.
In the line of the deal made, sources confirmed that Oracle is likely to include a stake in a newly configured TikTok business. However, the sources refused to disclose the whopping amount involved in the deal.
Early offers from both parties valued the U.S. business at about $25 billion, but that was before Chinese officials weighed in with new rules imposing limits on technology exports.
While either of the companies hasn’t released any official statement as such, the news broke out hours after Microsoft announced Sunday that its bid for TikTok was rejected. Though Tiktok refused to comment on this, Oracle as well remained tightlipped.
To recall, Microsoft had been pursuing a deal to buy TikTok’s operations in the US, Australia, Canada, and New Zealand. Its clear talks have swayed away from a full acquisition. This came after President Trump signed an executive order August 6th blocking all transactions with ByteDance, and the order demanded an American company purchase TikTok’s US business.