Oracle eventually did not buy TikTok

Oracle said it would be TikTok's cloud provider in a deal that gives it a 12,5% ​​stake in the social media network.

In one statement, Oracle reported that the "technical decision" for TikTok was based on Zoom's reference account.

However, TikTok, owned by Bytedance, was also facing a shutdown command (by President Trump), which expired Sunday due to security concerns. Trump approved this particular deal last Saturday.

Oracle CTO Larry Ellison said TikTok will run in the Oracle Cloud. CEO Safra Catz said:

Oracle will rapidly deploy and operate TikTok systems in the Oracle Cloud. We are one hundred percent confident in our ability to provide a very secure environment for TikTok and to ensure the privacy of the data of American users and TikTok users worldwide.

Of course for Oracle, the cloud deal with TikTok is a win and can give it a higher profile.

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