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Details of ByteDance’s deal with Oracle for control of TikTok are beginning to come into focus. ByteDance’s partnership with Oracle “will place TikTok’s global business in a new US-headquartered company with Oracle investing as a minority shareholder,” the Financial Times reports.
Under the arrangement, TikTok’s headquarters for the entire app, not just its American operations, will move to the US. ByteDance will keep the app’s recommendation algorithm, while TikTok’s data will be “processed independently by Oracle,” according to the FT. American user data will be stored by Oracle in the US.
Donald Trump had previously set a Sept. 15 deadline for TikTok to become an American company or face a ban in the US. Microsoft had also teamed up with Walmart on a bid, which was ultimately rejected.