Oracle nears deal to store TikTok's U.S. user data - Reuters
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TikTok (BDNCE) is nearing a deal with Oracle (ORCL
-0.8%) to store its U.S. information, Reuters reports - a key concern in the U.S. national security debate over Chinese access to that data.
Oracle's storing the data would mean TikTok parent ByteDance (BDNCE) wouldn't have access to it, which became central to an order to divest TikTok from the Committee on Foreign Investment in the United States. But it's not clear whether such a move would fully address CFIUS concerns.
The divestment order wasn't enforced amid the presidential transition to Joe Biden's administration.
Oracle pared earlier losses a bit in a minor spike as the news broke.
Some of TikTok's data is currently stored on Google Cloud (GOOG
-1.6%, GOOGL
-1.6%), but it would all move to Oracle under the proposed deal, according to the report.
Oracle and TikTok were linked of course to former President Donald Trump's efforts to ban TikTok operations, and to get its U.S. business sold to a combination investment from Oracle and Walmart.
Fastly (FSLY
-5.9%) stock is down substantially with a broadly lower market today; its stock had moved along with the Oracle investment drama in 2020 after it noted that TikTok was its largest single customer.
Check out more coverage of the TikTok/Oracle saga from 2020.