Oracle, Silver Lake Join Investor Group to Take Over TikTok
(MENAFN) Tech behemoth Oracle and private equity company Silver Lake are among the members of the "investor consortium" expected to assume control of TikTok's operations in the United States, a senior White House official revealed on Monday.
The official, speaking to reporters on the condition of anonymity, noted that there has been "an overwhelming interest" from both American and international corporations in the technology and investment sectors to participate in the acquisition.
They also acknowledged that discussions are still underway to include additional investors.
The ultimate consortium will consist of existing shareholders in ByteDance, the Chinese technology firm that owns TikTok, "as well as a significant number of new investors who have no affiliation with ByteDance."
"The full capitalization table is yet to be set, as you anticipated, but again, it's going to be real household names, I would say, major firms, including Oracle and including the private equity firm Silver Lake," the official explained.
White House spokesperson Karoline Leavitt emphasized that "TikTok will be owned by a majority of American investors and controlled by a board of directors with extensive national security and cybersecurity credentials, in partnership with the US government."
"Oracle will serve as TikTok's trusted security provider, and they will independently monitor the safety and data security of all US user data on TikTok's platform," Leavitt added.
She further stated, "American' data will be stored securely in the United States, without access from China. All US user data will be stored on servers operated by Oracle in the United States, protected from surveillance or interference by foreign adversaries."
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