The new analysis of public data estimates that 15% of all TikTok users will be first-time voters, a significant portion of the applications per 100 million users per month.
The app’s parent company, Bytedance, is nearing the end of talks with White House officials on U.S. ownership of the app, sparked by national security concerns.
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FOX Business is learning key details on how the agreement between TikTok and Oracle can be structured, according to a source with direct knowledge of the discussions. In the ongoing talks, a deal with Oracle would mean that “all user data in the US will be entrusted exclusively”
ORACLE-TIKTOK ON TUN ICE AS BODY ADVISORS DIVIDED BY TRANSACTION
Every day – Oracle will have “the ability to control all technical operations for TikTok in the US … will review related source code and software to confirm that there are no closed doors or malware” and will unsubscribe from application updates when Part of Oracle’s role will include verification to ensure that data is not being transferred where it shouldn’t be – a major concern among government officials who have identified any data transfer as a national security issue.
According to the deal – all TikTok USA will receive in-depth control by an independent council. The US government will have the right to veto members. The Council will monitor ongoing audits of the application and will use third parties to confirm that TikTok is also meeting in accordance with the finalized terms of the agreement under the CFIUS.
TIKTOK MAY FILL US IPO IF ORACLE TRANSACTION APPROVED BY WHITE HOUSE
A special subcommittee on security will serve as part of the board and will be responsible for overseeing compliance with the agreement, cybersecurity of personal data and the protection of US national security. The Security Committee will be chaired by a director with national security authority.
According to the negotiations, Oracle will not have a majority stake in the company, but will contribute to combined ownership in the United States above the 50% threshold required by administrative staff. A source told FOX Business that the deal with Oracle would take into account 40% of US investors in Bytedance and combine this with new incoming investments and Oracle shares to get the app over 50% owned in the US.
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TikTok also has plans to launch its own initial public offering next year – while remaining under the corporate umbrella of Bytedance, sources familiar with the matter told FOX Business.