Late last month, the Chinese government passed a rule saying that Tech companies will need their approval before they transfer technology to foreign buyers. This includes TikTok’s user recommendation algorithm
A deal has been signed by Oracle Corp and Byte Dance, that would make Oracle a ‘trusted technology partner’ of the latter.
This deal will make the United States the headquarters of TikTok Global.
Amid the US-China tensions, the Trump Administration has raised concerns over China trying to use apps like TikTok to access information on United Stated citizens.
On Wednesday, the Trump administration said that they still have concerns of a Chinese form retaining majority control.
As per the report by Reuters, the deal with oracle does not require ByteDance to receive Chinese Government’s permission for the tech-sale.
BREAKING: Oracle's bid for TikTok falls short of resolving concerns of Trump administration officials that the Chinese-owned video-sharing app poses a risk to U.S. national security, according to people familiar with the matter https://t.co/qgXNMhtMHo pic.twitter.com/OVk7bksXeh
— Bloomberg (@business) September 16, 2020
