Enterprise software giant Oracle is reportedly in talks with ByteDance about potentially buying TikTok’s operations in Canada, the U.S., Australia and New Zealand.
The Financial Times reports the company is “seriously considering” the acquisition following preliminary talks and is working with venture capital firms.
The Trump administration signed an executive order on August 14th ordering ByteDance to sell its U.S. operations within 90 days or face a ban. The Financial Times notes that Larry Ellison, Oracle’s billionaire co-founder, has been openly supportive of Trump, however it’s unknown if Oracle would be the administration’s preferred pick as a buyer.
For the past few weeks, Microsoft has been considered the frontrunner as a potential buyer, and although Twitter was interested in a deal as well, reports indicate that it doesn’t have the financial means for one.
ByteDance hasn’t publicly revealed a price, but it’s expected to be quite high as TikTok has reached global success despite facing scrutiny regarding its privacy practices.
Source: The Financial Times Via: The Verge