TikTok will spin off into a separate company, partly owned by Oracle
Tuesday, 15 September 2020 ()
Illustration by Alex Castro / The Verge
Oracle plans take an ownership stake in a newly formed TikTok corporation as part of the recently announced deal, the Financial Times reports. The new arrangement will not cleave off TikTok regionally, but it will create a separate corporate entity for the app, in which Oracle will take a minority stake. Oracle will also ensure that data from American users is stored and processed in the United States, per the recommendations of the Committee on Foreign Investment in the United States (CFIUS).
TikTok was already headquartered in California, with nominal independence from ByteDance’s China operation. The main change made by the deal is Oracle’s minority stake in the company, the size of which is still unclear. But while Oracle’s stake...
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