"The sale of TikTok to a consortium of American investors is taking shape. President Donald Trump has agreed to the plan, but it may not be finalized until early next year. Trump is extending the deadline by 120 days so that regulators in both the United States and China can give their approval. The core of the deal is that Oracle will oversee the app's sensitive recommendation algorithm, with which Washington wants to definitively exclude the influence of the Chinese parent company ByteDance."
"The agreement provides for the establishment of a new American company in which a majority of shareholders and board members will come from the US. Oracle and investor Silver Lake are the most prominent names involved, supplemented by existing international shareholders in ByteDance and new investors, including Fox Corp. ByteDance itself will retain less than 20 percent of the shares, shifting control firmly to American parties."
President Trump has agreed to a plan to sell TikTok to a consortium of American investors, with finalization possibly delayed until early next year and a 120-day deadline extension for U.S. and Chinese regulatory approval. Oracle, Silver Lake and other investors will form a new American company with a U.S. majority of shareholders and board members; ByteDance will retain less than 20 percent. Oracle will receive a copy of the recommendation algorithm, which will be revised and retrained on U.S. user data, maintain permanent oversight, and monitor content distribution. U.S. TikTok data will be stored in an Oracle cloud environment to prevent foreign influence.
Read at Techzine Global
Unable to calculate read time
Collection
[
|
...
]