New analysis of public data estimates that 15% of all TikTok users will be first-time voters, a significant proportion of the apps’ 100 million monthly users.
The app’s parent company, Bytedance, is close to concluding negotiations with White House officials on US ownership of the app caused by national security issues.
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FOX Business is learning important details about how the agreement between TikTok and Oracle could be structured, according to a source with direct knowledge of the discussions. During the current conversation, the agreement with Oracle would mean that “all US user data would be entrusted exclusively”
ORACLE TICKET ON THIN ICE AS DRUM ADVISOR SHARED ON OFFER
Day to day – Oracle has “the ability to monitor all technical operations for TikTok in the US … will review related source code and software to verify that there are no backdoors or malware” and will log out of app updates when they arrive in Part of Oracle’s role will also include control to ensure that data is not transmitted anywhere it is not intended to – a top concern among government officials who have cited any data transmission as a national security issue.
According to the deal, the entire TikTok USA would receive extensive review from an independent board. The US government would have veto power over which members are included. The Board will monitor continuous reviews of the app and will use third parties to confirm that TikTok meets and in accordance with the final terms of the agreement according to CFIUS.
TIKTOK CAN SUBMIT OUR BEGINNING IF ORACLE OFFERS APPROVED BY WHITE HOUSE
A special subcommittee on security would serve as part of the board and would be responsible for overseeing compliance with agreements, data security, cyber security, and the protection of US national security. The Security Committee will be chaired by a Director of National Security Information.
According to negotiations – Oracle would not have a majority stake in the company but would contribute to a combined US ownership above the 50% threshold required by administrative officials. A well-known source tells FOX Business that the deal with Oracle would take into account 40% of Bytedance’s US investors and combine it with new incoming investments and Oracle’s share to get the app over 50% US ownership.
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TikTok also has plans to launch its own IPO next year – while remaining under the Bytedance umbrella, well-known sources tell FOX Business.