New analysis of public data estimates that 15% of all TikTok users will be first-time voters, a large proportion of the apps of 100 million monthly users.
The parent company of the app, Bydance, is close to wrapping up talks with White House officials over the US ownership of the app overcoming national security concerns.
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According to a source with direct knowledge of the discussions, Fox Business is learning key details of how it can structure the agreement between Tikotok and Oracle. The deal with Oracle under the current negotiations would mean that “all US user data would be exclusively assigned” which would serve as the company’s role primarily as a service provider for the app.
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Day to day – Oracle will have the ability to “oversee all technical functions for Tiktok in the US … review related source code and software to confirm that there are no backdoor or malware” and as they arrive , Will sign off on the app update. Part of Oracle’s role will include checking to ensure that data is not being transferred anywhere – it is not believed – to be a top concern among government officials who have considered the issue of national security Any data transfer is cited.
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Under the deal – all TikTok US will receive extensive scrutiny from an independent board. The US government would have veto power, which included members. The board will oversee the continuing audit of the app and will use third parties to confirm compliance with the final conditions of the agreement under the TeacTalk meeting and CFIUS.
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A Special Security Subcommittee will serve as part of the board and will be responsible for compliance with the agreement, data privacy cybersecurity, and protection of US national security. The safety committee will be headed by a director with national security credentials.
As per negotiations – Oracle will not hold a majority stake in the company, but will contribute to joint US ownership above the 50% threshold required for administration officials. A familiar source told Fox Business that the deal with Oracle would take into account 40% of Bydance’s US investors and would combine that Oracle’s stake to gain newcomers and more than 50% of the US-owned app.
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Tiktok also plans to launch its initial public offering next year – while Byteens remains under the corporate umbrella, sources told Fox Business.