Trump will review the Oracle deal with ByteDance this week
Yesterday ByteDance announced that it has selected Oracle as its strategic partner, and will host the data and processing of TikTok users in the US on the Oracle cloud platform.
At present, the company has submitted the above proposal to the US Department of the Treasury in conjunction with Oracle, and the TikTok business in the US will no longer be sold but has become a form of a similar joint venture.
Whether this form of the joint venture can be approved by the U.S. Treasury Department is still unknown, but Trump has said that he will review the proposal submitted by Bytedance this week.
According to the Trump administration’s previous requirements, ByteDance must sell the TikTok’s US business, or completely withdraw from the US market and no longer continue to operate the market.
A person familiar with the matter said that the proposal submitted by ByteDance is a joint venture form, and all data of US users are also stored in the United States for processing. The data custodian is mainly the Oracle cloud computing platform under Oracle.
The Trump administration has not yet expressed its position on the transfer plan. Both Trump and the US Treasury Department have only stated that they will review the operation plan submitted by Bytedance as soon as possible.
At the same time, ByteDance will also set up TikTok’s headquarters in the United States and accept the jurisdiction of American law. It stands to reason that this can be done by the Trump administration.
Via: CNBC
