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Oracle is exploring a proposal to address US security concerns regarding TikTok, which includes providing data security assurances and potentially acquiring a small stake in a new American entity. While TikTok's algorithm would remain under ByteDance's control, this may ease Chinese approval but raises compliance issues in the US. The plan requires approval from the Trump administration, ByteDance, and Chinese authorities, as Oracle collaborates with US buyers to prevent Chinese government access to user data.
Bakkt Holdings faces a significant setback as Bank of America and Webull announce they will not renew their agreements, jeopardizing 16% and 74% of its revenue streams, respectively. The company, heavily reliant on these partnerships, is under pressure to find new clients or pivot its business model amid a declining share price and regulatory uncertainties in the crypto landscape. Bakkt's future remains uncertain as it navigates these challenges while the institutional crypto ecosystem grows increasingly competitive.
Alexis Ohanian, co-founder of Reddit, has joined Frank McCourt's "Project Liberty" as a strategic adviser in the bid to acquire TikTok's US operations. The initiative emphasizes user data control and privacy, amid a 75-day deadline from the US government for ByteDance to divest. Other bidders include YouTube star MrBeast and businessman Reid Rasner, while ByteDance has yet to clarify valuation terms or secure a banker.
The race to acquire TikTok intensifies as ByteDance faces a mandated sale to a US buyer or a ban. Notable contenders include YouTuber MrBeast, billionaire Frank McCourt with "The People's Bid," and tech moguls like Elon Musk and Larry Ellison, while other potential buyers include Steven Mnuchin and Bobby Kotick. The urgency grows as the deadline approaches, with various proposals emerging to reshape the platform's future.
YouTube star MrBeast, alongside tech entrepreneur Jesse Tinsley, has made an all-cash bid to acquire TikTok's US operations, amid ongoing uncertainty about the app's future in the country. Former President Trump expressed openness to bids from tech billionaires, valuing TikTok at $1 trillion. The app briefly shut down due to regulatory pressures but was reinstated after Trump suspended enforcement of a law requiring its sale.
President Trump expressed openness to Elon Musk or Larry Ellison acquiring TikTok in a joint venture with the U.S. government, suggesting a deal where half of the app would go to the U.S. He extended the sale deadline by 75 days, despite ByteDance's refusal to sell. Potential buyers, including a group led by Jesse Tinsley and offers from Frank McCourt and Kevin O'Leary, are emerging amid uncertainty over China's stance on the sale.
Jesse Tinsley
People
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