Oracle Corporation enters the race of acquiring TikTok in the U.S.
Category: #headlines  | By Nikita Chaurasia  | Date: 2020-08-19 |
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Oracle Corporation enters the race of acquiring TikTok in the U.S.

 

  • The California-based tech giant is working with U.S.-based venture capital firms to buyout TikTok
  • Oracle’s interest in TikTok challenges Microsoft’s similar efforts

American computer technology and software giant Oracle Corporation is in talks to acquire Chinese social media platform TikTok’s operations in New Zealand, Australia, Canada and United States, sources claimed.

The recent announcement follows Trump administration’s vow of banning TikTok in the United States, if its parent company ByteDance does not strip its operations from the country by November 2020.

Reportedly, Oracle is working with U.S.-based venture capital firms Sequoia Capital and General Atlantic, who already have a stake in the Chinese video-sharing platform. The plans of the buy-out have accelerated after Trump’s recent support towards Oracle being an ideal company to acquire TikTok.

According to industry experts, Oracle’s interest in TikTok challenges Microsoft Corp., which has been working with the American government to acquire the company’s assets for over a month. In fact, Larry Ellison, Co-founder and Executive Chairman at Oracle, has voiced his support for Trump by throwing a fundraising event for the President earlier this year.

Oracle, however, does not possess consumer-facing social media business, experts claimed. The company could use the user data accumulated by TikTok in order to improve its respective marketing products.

If sources are to be believed, Oracle Corporation recorded a 6% revenue decline and amassed over USD 10.4 billion in the fourth quarter of the fiscal year. The California based company is apparently struggling to discover growth avenues since Amazon Web Services dominates the cloud computing spectrum, which is trailed by Microsoft Azure and Google Cloud respectively.

In other news, Oracle has reportedly dismissed a number of developers who were initially a part of its Commercial Cloud service. Sources confirmed that the employee layoffs come in the light of falling market share in the cloud computing vertical.

Source Credits –

https://www.cnbc.com/2020/08/17/oracle-is-in-talks-to-acquire-tiktoks-us-operations-source-says.html

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

Fintech firm PayPal to shed around 2000 staff as global economy plummets

Fintech firm PayPal to shed around 2000 staff as global economy plummets

By Nikita Chaurasia

PayPal, the U.S.-based fintech giant, has reportedly announced that it will cut nearly 2000 jobs, approximately 7% of its workforce, as it turns the latest prominent tech company to shed staff in a bid to cut costs. The online payments provider cl...

EasyJet sees a rise in bookings as customers plan their next vacations

EasyJet sees a rise in bookings as customers plan their next vacations

By Nikita Chaurasia

British multinational low-cost airline group, EasyJet, has reported a record surge in bookings for the month of January as people prioritized their travel plans for the coming year. The news comes as airlines world over start to show signs that they&...

Dr. Reddy’s becomes India’s second biggest drugmaker by sales

Dr. Reddy’s becomes India’s second biggest drugmaker by sales

By Nikita Chaurasia

Dr. Reddy's Laboratories Ltd. and Cipla Ltd. surpassed Aurobindo Pharma to rank as the 2nd and 3rd largest drug manufacturers in India by sales in the three months that ended on September 30. This was the first change in the pecking order of the ...