Chinese company ByteDance has abandoned the sale of TikTok operations in the United States.
According to Arabnet, ByteDance decided to establish a partnership with Oracle to avoid the US embargo and satisfy the Chinese government.
This step comes as the deadline set by US President Donald Trump's administration to get rid of US operations for TikTok approaches.
Under the proposed deal between ByteDance and Oracle, the latter will be the technical partner of the Chinese company in the United States and will manage Tik Tok users' data in America. Oracle is also continuing to negotiate a stake in TikTok operations in the United States.
and thus Microsoft is out of the race after it announced last August its intention to buy Tik Tok operations in the United States, Canada, Australia and New Zealand.
Oracle worked on the deal with some of ByteDance's investors, including the private equity firm General Atlantic and the venture capital firm Sequoia Capital.
It is unclear whether the administration of US President Donald Trump will agree to this agreement after it had demanded the sale of US operations to Tik Tok.
TikTok responded with a lawsuit against the Trump administration saying that setting a deadline ignores the time necessary to find a buyer and close the deal.
and negotiations to sell US operations to TikTok were turned upside down due to China updating export control rules late last month / to give it a say in transferring TikTok algorithm to a foreign buyer .
(Amazon fun knowledge)
