Sci-tech

TikTok Deal: Oracle, ByteDance Release Conflicting Statements on Company Ownership

TikTok Deal: Oracle, ByteDance Release Conflicting Statements on Company Ownership”

President Trump said he approved in principle the deal under which Oracle and Walmert would receive ownership stakes in Chinese-owned app TikTok.

And TikTok Global will create more than 25,000 new jobs in the USA and pay more than $5B in new tax dollars to the Treasury. They're going to own the controlling interest. He stated that the United States companies "are going to have total control of [TikTok]" and that if they don't then "we just won't make the deal".

The president's comments contradict a statement released by ByteDance Monday morning. TikTok says it has about 1,500 US employees now. The agreement will create a new US-based subsidiary known as TikTok Global.

According to reports, Trump has approved TikTok's deal that was made with Oracle. But he said earlier this week his advisers had told him that it was illegal to demand a payment from transaction, which his administration is forcing ByteDance to conclude by November 12 or face the total disabling of TikTok. This algorithm has to power to give users video recommendations.

ByteDance's statement also disputed a remark by the president about a $5 billion payment included in the deal. The two companies would pay a combined $12 billion for their stakes if they agree to that asking price.

More news: 1715 new COVID-19 cases, 17 more deaths in Minnesota

"As part of this proposal, Oracle will become our trusted technology provider, responsible for hosting all United States user data and securing associated computer systems to ensure U.S. national security requirements are fully satisfied", the company said.

The Commerce Department noted that the "threats posed" by WeChat and TikTok are "not identical, they are similar", because "each collects vast swaths of data from users, including network activity, location data, and browsing and search histories", alleging that each of the platforms is an "active participant in China's civil-military fusion and is subject to mandatory cooperation with the intelligence services of the CCP". At the moment, many are still concerned regarding the national security concerns that surround TikTok and it also remains to be seen just how the Chinese government responds to the matter. The U.S. software giant has given reassurances it can protect TikTok user data from foreign influence.

Further complicating matters, ByteDance said on Thursday that China will need to approve its proposed deal with Oracle for TikTok.

It's not the first time TikTok has argued that the Trump administration acted against it without due process. Safra Catz was part of the administration's transition team and was considered for key positions, including national security advisor and World Bank president.



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