TikTok (BDNCE) is close to reaching an agreement with Oracle (ORCL -0.8%) to store his U.S. information, reports Reuters – a key concern in the US national security debate over China’s access to this data.
Storing the data by Oracle would mean that TikTok’s parent company, ByteDance (BDNCE), would not have access to it, which became a central part of a US Foreign Investment Committee TikTok divestiture order. . But it’s unclear whether such a move would fully address CFIUS’ concerns.
The surrender order was not enforced amid the presidential transition to Joe Biden’s administration.
Oracle trimmed past losses a bit in a minor spike on news.
Some of TikTok’s data is currently stored on Google Cloud (GOOG -1.6%GOOGLE -1.6%), but everything would be transferred to Oracle as part of the proposed deal, according to the report.
Oracle and TikTok were of course linked to former President Donald Trump’s efforts to ban TikTok’s operations and sell its US business to a combined investment from Oracle and Walmart.
Quickly (FSLY -5.9%) the stock is down substantially with an overall lower market today; its stock had moved with Oracle’s 2020 investment drama after it noted that TikTok was its biggest customer.
Check out more coverage of the TikTok/Oracle saga from 2020.