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Investing.com -- Oracle (NYSE:ORCL) has surfaced as a prominent candidate to assist in running TikTok as part of a deal being arranged by President Donald Trump. This arrangement aims to comply with last year’s law requiring divestment or banning, according to the Information, citing investors, bankers, and former executives familiar with TikTok owner ByteDance. The management at ByteDance has shown preference for Oracle, and President Trump has also expressed his support for Oracle assuming a vital role.
Simultaneously, ByteDance’s leaders are looking to maintain an active role in TikTok’s operations, regardless of whether U.S. companies acquire a share of TikTok U.S. This position could potentially hinder the ambitions of several U.S. bidders interested in purchasing control of TikTok. Among these bidders is a consortium led by billionaire Frank McCourt and Reddit co-founder Alexis Ohanian.
ByteDance is reportedly optimistic that President Trump will approve a deal based on the framework of Project Texas. This is a multi-billion dollar initiative established between TikTok and Oracle in the past few years. Under this project, TikTok stores U.S. user data on Oracle servers and allows Oracle to review the source codes of the algorithm which determines what users see on the app, according to investors familiar with ByteDance’s plans.
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