Oracle joins the race to bid for TikTok in the US

Popular video app TikTok was recently labeled as the national security risk in the US. The Chinese-owned company must now have an American partner to continue operations in the country. Popular tech giant Oracle was also one of the companies bidding to become a partner. Steven Mnuchin, Treasury Secretary, recently confirmed that ByteDance turned down tech giant Microsoft's offer to run US operations of TikTok. TikTok made a statement that it believes in the recent proposal made by it to the Treasury Department to resolve the security concerns. TikTok hopes to continue its operations in the US because more than 100 million people use the app.

 The important details about the deal were unclear and highly doubtful whether the venture would pass with the regulators of Washington. A recently received proposal suggests that Oracle might become the trusted tech partner for TikTok in the US. Mnuchin added that it is their responsibility to ensure that the data of Americans are secure, and discussions will be held with Oracle about the same. Oracle also confirmed that it had submitted a proposal by ByteDance to the Treasury Department, according to which the company will serve as the tech provider for TikTok.