President Trump said yesterday, September 16, that he did not like the Oracle deal of buying only a minority stake of the US Tik Tok operations. He wanted 100 % in terms of national security is concerned. He also said that the government getting the key money for the deal is illegal. Trump may decide on the Oracle deal today, September 17.
American elections & China connections
With the all-important American presidential election due this November, Trump is all out to make China an election issue. He has given Tik Tok, a China-based social media platform which has a huge presence in the US, to sell its stake of the operations in the US to an American company by September 20. Failing which Tik Tok will be banned in the US like it was banned in India. If Tik Tok loses these two major markets, its parent company Byte Dance will be losing billions of dollars in revenue. Initially, Microsoft was in talks with Tik Tok to buy the Byte Dance holding of Tik Tok in the US operations.
But for some reason, the deal did not take place. Now Oracle has come in to take control of the Tik Tok US operations database. It will have a minority stake only, and Byte Dance will still have a significant part.