According to Reuters, the ByteDance company will sell to the Oracle American segment of TikTok. Earlier, the Chinese edition of South China Morning Post reported that ByteDance has abandoned plans to sell the algorithm applications to firms from the U.S., notifying the official Washington and potential buyers.
Reuters specifies that the Chinese company that owns TikTok will require the approval of the deal simultaneously by the U.S. and Chinese governments. For what reasons ByteDance chose Oracle as a buyer, the agency has not reported. Microsoft Corporation has already reported that ByteDance refused to sell it to the American division of TikTok.
A complicated situation around one of the most popular applications in the world is due to strained relations between the U.S. and Chinese authorities. Both sides accuse each other of causing damage. Besides, presidential elections are approaching in the USA, and the incumbent Donald Trump actively uses anti-Chinese rhetoric for campaigning.