After ByteDance rejected a sale offer from Microsoft, Oracle has now partnered with the Chinese parent company after the decision not to sell its U.S Operations.
In a statement, ByteDance mentions that the partnership meets the U.S President’s requirement of protecting the National Security. It is not clear yet whether this partnership will suffice instead of an outright sale.
Walmart, however, continues to show interest and continues its discussion with ByteDance after Microsoft left the conversation.
As many as 1,500 employees in the United States could lose their jobs if a deal is not reached soon. The app with over 100 million American users may instead of getting sold be withdrawn from the United States entirely as per the Chinese Government’s preference.
[…] its new arrangement with Oracle and Walmart which will not have it transfer any of its algorithms and maintain 80 per cent stake in […]
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