It looks like Microsoft isn't the only company looking to acquire TikTok from Chinese company ByteDance. New reports claim Oracle is holding preliminary talks with ByteDance to acquire its operations in Canada, the US, Australia, and New Zealand. The company is reportedly working with US venture capital firms General Atlantic and Sequoia Capital, which already have a stake in TikTok. TikTok is facing a ban in the US after the country's lawmakers accused it of being a threat to national security.
US President Donald Trump issued a second executive order on Friday, giving the parent company of the short-video app 90 days to sell off the US arm of TikTok. He seems to approve of Oracle's decision to acquire the company. Spokespeople for TikTok and Oracle have declined to comment.
If Oracle does purchase TikTok, it's definitely off the company's usual business. The company isn't involved in consumer-facing social media or video industries. In theory, it could use customer data from the app to improve its marketing products. But it's still a departure from their usual business. The company hasn't been part of substantial acquisitions in recent years. But if these reports are accurate, then that might change.