Major Global Markets News
Oracle Reportedly Wins Bid to Acquire TikTok US operations
According to the Wallstreet Journal, TikTok’s owner ByteDance Ltd. picked Oracle Corp. to buy the app’s United States operations.
The media house quoted unnamed sources, the deal “is likely not to be structured as an outright sale.” The sources added that ByteDance was going to announce the agreement calling Oracle its “trusted tech partner” in the US.
Microsoft on Monday released a statement saying that its bid for the popular app had been rejected by TikTok owner ByteDance.
“We are confident our proposal would have been good for TikTok’s users while protecting national security interests. To do this, we would have made significant changes to ensure the service met the highest standards for security, privacy, online safety, and combatting disinformation,” the US tech giant said in a statement.
However, Chinese state-owned media company CGTN reported on Monday that ByteDance is not planning to sell its video-sharing app TikTok to neither Oracle nor Microsoft.
President Donald Trump previously signed an executive order would see TikTok banned in the US if it did not reach a deal with a US company by September 15.
Nvidia Nears Acquisition of Softbank’s Arm for $40B
NVIDIA and SoftBank Group Corp. today announced a definitive agreement under which NVIDIA will acquire Arm Limited from SBG and the SoftBank Vision Fund in a transaction valued at $40 billion. The deal was reported earlier on Saturday by the Wallstreet Journal.
As part of NVIDIA, Arm will continue to operate its open-licensing model while maintaining the global customer neutrality that has been foundational to its success, with 180 billion chips shipped to-date by its licensees. Arm partners will also benefit from both companies’ offerings, including NVIDIA’s numerous innovations.