Amidst ongoing negotiations over TikTok's future, tech giants like Amazon and AppLovin have submitted acquisition bids ahead of a deadline set for Saturday. The Trump Administration is exploring a leasing agreement that would allow China to retain control of TikTok's algorithm, with Oracle supervising the arrangement. This follows a history of concern regarding U.S. user data security since April 2024, pressuring ByteDance to divest or face a ban in the U.S. The situation remains fluid with updates expected.
In addition to Amazon and AppLovin's bids this week, formal offers to acquire the app have been submitted from billionaire and former L.A. Dodgers owner Frank McCourt, along with Shark Tank investor Kevin O’Leary and Reddit co-founder Alexis Ohanian.
The TikTok saga has been ongoing since April 2024 when lawmakers concerned about U.S. user data making its way to the Chinese government passed a law to force ByteDance to sell TikTok or face a ban in the U.S.
The leasing option would let China keep control of its prized TikTok algorithm, though the U.S. company holding the lease would have a minority stake.
Oracle would supervise the lease, per NPR. Oracle already provides TikTok with backend tech support.
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