Oracle said it will be TikTok's cloud provider in a deal that gives it a stake of up to 12,5% in social media media network.
However, TikTok, owned by Bytedance, was also facing a shutdown command (by President Trump), which was due to expire this Sunday over concerns about the level security. 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 to TikTok and to ensure the protection of their privacy. data of American users, but also them users of TikTok worldwide.
Of course for Oracle, the cloud deal with TikTok is a win and can give it a higher profile.