What Happened?
In 2020, there were rumors circulating that TikTok was being sold to a US-based company. The speculation started after the US government announced plans to ban the app, citing national security concerns.
- The company behind TikTok, ByteDance, was accused of collecting user data and sharing it with the Chinese government.
- The US government gave ByteDance an ultimatum: sell the app to a US-based company or face a ban.
The Sale to Oracle and Walmart
In September 2020, ByteDance announced that it would be selling a stake in TikTok to Oracle and Walmart. The deal was worth $5 billion and would see Oracle and Walmart take control of TikTok's US operations.
However, the deal was not without controversy. Many experts questioned whether the sale would actually address the US government's concerns about national security.
The Current Status of TikTok
Today, TikTok continues to operate as a separate entity from ByteDance. While the app is still owned by ByteDance, it has implemented measures to address concerns about data security and national security.
In the US, TikTok has partnered with Oracle to store user data on Oracle's servers. This move has helped to alleviate some of the concerns about data security.