Recently, reports were surrounding that Microsoft is looking forward to acquiring ByteDance’s Tik Tok. However, the bid was rejected and now it is acclaimed that Oracle is speculated to be the winning bidder.
Following this Microsoft stated, “We are confident our proposal would have been good for Tik Tok’s users while protecting national security interests. To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combating disinformation, and we made these principles clear in our August statement. We look forward to seeing how the service evolves in these important areas.”
Who is Oracle?
Oracle Corporation is a global firm that constructs and markets computer software applications for business. The business was founded in 1977 by Larry Ellison and Bob Miner, Computer programmers at the American electronics company Ampex Corporation and also Ed Oates, Ellison’s supervisor. The company is well known for its Oracle database software, a relational database management system, and computer systems and software like Solaris and Java. Oracle is set in Redwood Shores, California.
Why is Tik Tok so popular?
Tik Tok implies it has 100 million U.S users and 700 million across the globe. It is an application very well practiced for its fun, goofy videos of dancing, lip-syncing, pranks, and jokes. The app has managed to change social media demographics. With the imposed lockdown there was a favorable increase in the user base.
The Tik Tok ban
Due to cybersecurity concerns, the government of Indian was the first to ban the app. Not just Tik Tok the alleged ban included further 220 applications on the list. Following the same issue, on August 6, 2020, the U.S Government also banned Tik Tok.
The $20 Billion Deal
Meanwhile, the deal expenditure is still not specified but there from the information provided the deal is supposed to be of $20 billion in cash and stock respectively. The marathon for acquiring Tik Tok is still ablaze, as Microsft is planning to partner with Walmart and make up a new bid.