Despite the looming ban on TikTok by the US, the app is undoubtedly a hot sell going by the growing number of bidders eager to get a piece of the cake. The latest entity to express interest is Oracle, the multinational computer software developer headquartered in the US.
According to the Financial Times, Oracle and ByteDance have held preliminary talks with the former seriously considering TikTok operations in the US, Canada, Australia and New Zealand. Oracle is already working with venture capitals, including Sequoia and General Atlantic.
US President Donald Trump in his latest executive order signed on Friday, gave ByteDance 90 days to sell TikTok, extending from the initial 45-day deadline. The Financial Times reports that Oracle co-founder Larry Ellison is one of the few US executives who have openly supported President Trump although it is not clear if the Tech software giant is the preferred suitor for TikTok.
Microsoft has been the front runner in the looming TikTok sales deal since the companies started discussions way before Trump’s order. Microsoft is reported to be interested in acquiring all or part of TikTok’s operations.
Last week, The Wall Street Journal reported that Twitter had also expressed interest in acquiring the short video making company although serious concerns about its financial capacity was an issue. With interest from Oracle, the number of bidders now rises to three, with a potential deal in the making within 90 days.
ByteDance has not publicly put a price on TikTok but it will be interesting to see how much the world’s most valuable startup of 2018 and fastest-growing social media platform of 2020 fetches from the deal.