Well… that was pointless.
After debasing the idea of free commerce in the U.S in the name of a misplaced security concern, stringing along several multi-billion dollar companies that embarrassed themselves in the interest of naked greed, and demanding that the U.S. government get a cut of the profits, the TikTok saga we’ve been watching the past few weeks finally appears to be over.
A flurry of announcement late Saturday night indicate that the TikTok deal was actually a politically-oriented shakedown to boost the cloud infrastructure business of key supporters of the President of the United States.
Oracle, whose cloud infrastructure services run a laughable fourth to AWS, Alphabet*, and Microsoft, will be taking a 20 percent stake in TikTok alongside partner Walmart in what will be an investment round before TikTok Global (as the new entity will be called) goes public on an American stock exchange.
According to a statement from TikTok, Oracle will become TikTok’s “trusted technology partner” and will be responsible for hosting all U.S. user data and securing associated computer systems to ensure U.S. national security requirements are fully satisfied. “We are currently working with Walmart on a commercial partnership …read more
Source: Tech Crunch