Oracle to handle TikTok U.S. data; board to require White House OK - Bloomberg (updated)

Sep. 16, 2020 4:47 PM ETOracle Corporation (ORCL)ORCL, BDNCEBy: Jason Aycock, SA News Editor23 Comments
  • Reporting more details on the status of the Oracle (NYSE:ORCL) consortium's deal for TikTok (BDNCE), Bloomberg says Oracle would handle all TikTok U.S. user data - addressing a key national security concern.
  • It also would be able to review source code sufficiently to prevent backdoors, with oversight of all the technical operations at TikTok U.S., according to the report.
  • TikTok's separate U.S. board would be approved by the U.S. government.
  • Oracle proposes to create 25,000 new jobs through TikTok operations.
  • Updated 5:45 p.m.: In a news conference, President Trump says he'll get a briefing on the proposed deal tomorrow morning; he says he doesn't like the idea of ByteDance holding a majority stake, and he's not prepared to sign off on anything until he gets details.

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