US President Donald Trump made positive statements for the technology giant Oracle company to take over TikTok’s US operations. Trump stated that Oracle would do a great job completing the takeover. The statement came after Oracle announced that its Chinese social media app is claiming rights in North America, New Zealand and Australia.
Many companies started to queue for the TikTok purchase
Last week, Donald Trump signed a decree obliging ByteDance, owner of TikTok, to sell its business rights in the US to another firm within 90 days. While the decree also covers Tencent, the owner of WeChat, it puts both applications in danger of being shut down if they are not followed. In all this confusion, Oracle, the second largest software company in the world after Microsoft, aspired to get the rights of the application. A firm Trump supporter, the company’s president, Larry Ellison, organized a charity campaign for the American president in February.
According to the BBC’s report, Trump’s statements came after the announcement that Oracle was preparing to make TikTok shares with a group of ByteDance investors. According to reports, the Silicon Valley-based firm wants to seriously incorporate TikTok’s operating rights in Canada, the USA, New Zealand and Australia, backing investment companies such as General Atlantic and Sequoia Capital.
Last week, President Trump stated that he has evidence that TikTok is being used by ByteDance for purposes that violate American national security. ByteDance, on the other hand, strongly denied the allegations in question. Washington administration’s attacks on Chinese firms are seen by many experts as part of the ongoing trade war with Beijing.
On the other hand, Oracle is not the only company negotiating for the TikTok acquisition. Microsoft publicly announced that it was holding talks with ByteDance earlier this month. Twitter announced that it was eager to buy the shares.
The popular social media application TikTok reached a worldwide download of around 2 billion in a short time. Meanwhile, President Trump has announced that he has recently joined New York-based Thriller to increase the pressure on the application.